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Mortgage lending dipped in January

Mortgage lending to home buyers went through an unexpectedly large dip at the start of the year.

Mortgage lending across the UK continued to fall in January, according to figures from the Council of Mortgage Lenders (CML).

UK mortgage lending in November returned to the level seen a year earlier, lenders say, offering more evidence of a post-summer slowdown.

Gross mortgage lending has fallen by almost 1bn at Nationwide, adding to evidence that tighter controls on lending may be curbing borrowing.

A total of 19.1bn is advanced to homebuyers in July, the Council of Mortgage Lenders says, amid warnings that the property market may face headwinds.

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