A British subsidiary of Irish Life & Permanent is to lay off 50 workers due to slower growth in the country's mortgage market.

CHL Mortgages currently employs 250 people. It says the move is due to its plan for slower mortgage growth this year.

CHL operates in the investor buy-to-let market in the UK, but says the quality of its loans is 'excellent'. It says it has a lower than average level of arrears.