Almost 1,000 mortgage deals pulled as panic grips UK housing market

Borrowers unable to secure loans and provisional offers withdrawn, while others pay huge penalties to lock in longer fixed rates

• Bank launches emergency intervention after Kwarteng mini-budget
• Treasury defends plans despite market turmoil

Almost 1,000 mortgage packages were pulled overnight from the British market as panic seeps into the housing market in the wake of Kwasi Kwarteng's mini-budget.

Moneyfacts, which monitors the sector, said 935 out of 3,596 mortgage products had disappeared between Tuesday and Wednesday, double the previous record of 462 at the start of the pandemic lockdowns.