UK mortgage lending fell back in July, but part of the moderation may have been due to borrowers holding back in expectation that interest rates would be lowered in August, a survey from the British Bankers Association reported Seasonally adjusted net mortgage lending -- gross lending minus repayments -- was 3.7 bln stg in July, down from 4.7 bln stg in June and an average of 4.4 bln stg over the past six months The July figure is the lowest since December 2001. This takes the annual rate of growth down to 12 pct -- the lowest since February 2002. The number of mortgage approvals were also down in July, falling 7 pct from June and 17 pct from the same month a year ago The value of approvals, however, showed a slightly different picture. Approvals of house purchase loans were 9 pct higher by value compared with a year ago, while remortgaging loans were 5 pct higher Additionally, consumer credit lending was also weak, the BBA said. Credit card lending in July was down 4 pct from June while repayments fell 3 pct. David Dooks, BBA director of statistics, said the weak net mortgage lending in July was also due to higher-than-usual levels of redemptions particularly relating to maturing fixed rate loans "Together with relatively slow approvals, (the figures) reiterate the subdued mortgage environment of late. More cautious consumer sentiment, in line with reports of weaker retail sales, was also reflected in lower demand for personal loans and very modest credit card borrowing," he added