Net mortgage borrowing by UK individuals fell to GBP 4.3 billion in July, down from GBP 7.7 billion in June and below the previous six-month average of GBP 5.3 billion. The annual growth rate of net mortgage lending was unchanged at 3.6%. Gross secured lending also eased to GBP 25.9 billion from GBP 26.9 billion, slightly below its six-month average of GBP 26.4 billion. Repayments edged up to GBP 21.3 billion from GBP 21.2 billion, remaining above the six-month average of GBP 20.8 billion. The effective interest rate on newly drawn mortgages rose to 4.45% in July from 4.35% in June, while the rate on the outstanding mortgage stock increased slightly to 3.97% from 3.96%.