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UK mortgage holders have been warned after the mortgage market dipped in August. The Bank of England's latest data showed net mortgage debt taken on by individuals dropped to £4.3billion during August.

This represents a £200million reduction from July's figure. Financial services expert Richard Pinch from Broadstone consultancy issued a warning over the lower mortgage lending.

"Mortgage borrowing decreased again in August reflecting the continued economic uncertainty lingering over the UK in spite of the most recent rate cut from the Bank of England," he said. "Inflation concerns remain persistent and with another tax-raising Budget looking inevitable at the end of November, household budgets remain squeezed," Mr Pinch added.

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