Net borrowing of mortgage debt by UK individuals decreased to GBP 3.9 billion in September, from GBP 4.2 billion in August, below the previous 6-month average of GBP 4.9 billion and market expectations of GBP 4.2 billion. The annual growth rate for net mortgage lending decreased to 3.4% in September, from 3.6% in August. Secured gross lending increased slightly to GBP 24.2 billion in September, up from GBP 23.7 billion in August, still below the 6-month average of GBP 26.3 billion. Repayments increased slightly in September to GBP 21.4 billion, from GBP 20.2 billion, slightly above the 6-month average of GBP 21.3 billion. Meanwhile, the ‘effective’ interest rate on newly drawn mortgages increased to 4.63% in September, from 4.60% in August, while the rate on the outstanding stock of mortgages was 4.03% in September, up from 4.00% in August.