It provides government employees and active duty military an excellent low-fee program.

FORBES: Educating a Nation of Financial Illiterates

"Lending volumes in January were low, but we had predicted this would happen due to the end of the stamp duty holiday distorting December's figures, " he said.

BBC: Mortgage agreements 'halved in January'

He said that the year-on-year rise in mortgage lending in January was distorted by the low levels a year ago - owing to the hangover from the end of the stamp duty holiday.

BBC: UK mortgage lending fell 13% in January, CML says