It’s been a seriously turbulent week for the mortgage market.

After the mini-budget was unveiled by Kwasi Kwarteng, the chancellor of the exchequer, on 23 September, the value of the pound dropped to a record low against the dollar. This was linked to concerns about the impact that Kwarteng’s economic plans (which included getting rid of the top rate of tax on high earners, a plan that has since been abandoned in a major U-turn) would have on the UK’s financial stability.

Very quickly, mortgage providers started to pull products from the market. Last Tuesday (27 September), The Guardian reported that nearly 300 deals had been withdrawn in 24 hours, and financial information service Moneyfacts has since estimated that more than 40% of deals have been pulled in the aftermath of the mini-budget.

The UK mortgage market is in turmoil – and the cost of borrowing just went up