Uncertainty around the U.K. housing and mortgage market has spread among first-time buyers.

There is uncertainty in the U.K. housing and mortgage market.

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Mortgage products have been pulled, payments are doubling and lenders are backing out of agreements after the finance minister announced his mini-budget.

His plan calls for tax cuts and loosened rules for businesses. Kwarteng thinks his budget will boost growth. Critics say that it will benefit the rich.

Stamp duty, a tax many buyers have to pay when buying a home, was reduced in the mini-budget.

Before the mini-budget came into effect, stamp duty was already set at a higher level than the average U.K. property price for first-time buyers. The changes don't affect a lot of first-timers.

Paresh Raja is the CEO of Market Financial Solutions, a financial services firm.

The cuts to stamp duty will be helpful. He told CNBC Make It that a number of other factors are making their lives harder.

Francis Gill is a financial advisor at a London firm.

People who were very close to being able to afford a purchase, but were still saving for stamp duty costs, should be able to bring forward their purchase date. He said that what they have saved will be eaten up by higher mortgage rates.

The housing and mortgage sector has been particularly affected, with lenders pulling hundreds of mortgage deals or pricing them at a much higher level. The base rate of the Bank of England helped price all sorts of loans and mortgage in Britain.

Moneyfacts data shows that the average rate for a two-year fixed mortgage went up to 6 percent this week from 2 percent a year ago. The technical mortgage manager at John Charcol believes that this could go up even further.

The average rate could be as high as 7% in the new year due to the rising costs of lending and the uncertain economic outlook.

Many borrowers and soon-to-be borrowers are worried that they will not be able to afford their mortgage payments, which are set to more than double. Gill says that research and expert advice is important for anyone looking for a mortgage deal.

He suggests that you make sure your credit score is accurate, that you speak to an independent broker, and that you consider any early repayment charges.

It's important to speak to a person who can analyse their situation. If the mortgage is affordable if the rates are this high in 2 years, then it's a good idea to fix it.

The market is pointing to a difficult 12 months

Nicholas Mendes

Technical mortgage manager at John Charcol

The markets are expecting a difficult year. He says that a recession and the cost-of-living crisis are likely to put pressure on homeowners.

As the year progresses, it may not be all doom and gloom.

Both property prices and rates are expected to fall in the years to come.

Raja thinks markets could be less of a roller coaster than they have been. After this turbulent period, the lending market will calm down. He said that they won't see such fluctuations in rates.

Some of the uncertainty homeowners are currently facing could be alleviated by this.

Gill points out that the chaos may have some long-term benefits for people trying to get onto the property ladder.

If a lot of buy2let landlords leave the market, for there to be an influx of properties for sale and prices come down, they may now be able to get on the ladder.