Encouragingly, Stafford Railway Building Society has done one better than the Bank and reduced its rate by a huge 0.35 per cent to make it the lowest in the market at 5.99 per cent.
However eight of these 57 lenders have cut their Standard Variable Rates (SVRs) by less than a quarter point, including Northern Rock at 0.1 per cent and Britannia at 0.15 per cent.
Most of these rate revisions will come into force in March.
Michelle Slade, analyst at Moneyfacts.co.uk said that Northern Rock's failure to pass on the rate cut in full was no great surprise, with circumstances as they are at the moment meaning that new lending did not appear to feature in the stricken lender's strategy going forward.
“In recent months there has been an obvious shift in Northern Rock’s focus. Previously the bank was a big player in the lending best buys for mortgages and loans: now the focus is on their savings book and attracting more money through competitively priced retail deposits," remarked Slade.
She added: “Many of the big lenders were uncharacteristically quick off the mark to announce their intentions. However, on closer inspection, none of the top five biggest lenders has any current mortgage products linked to SVR.
“Of those lenders with the largest number of SVR linked products, Leeds and Monmouthshire Building Societies have announced they will be passing on the full 0.25 per cent. Societies in Barnsley, Dudley and Vernon are yet to announce their intentions."
