Since 4 August changes have occured from 65 Mortgage lenders with 51 of them passing on the full quarter point reduction to their customers.
Darren Cook, Head of Mortgages at Moneyfacts.co.uk said: "With those lenders that have not passed on the full cut, you will see that some of these are already offering pretty competitive SVRs. To put things into perspective 0.05% interest on a mortgage of £150k equates to £75 per annum or £1875 over the course of a 25-year mortgage (based on an interest only mortgage)."
With almost 120 mortgage providers listed with Moneyfacts.co.uk, there are still almost half of providers who have yet to advise us of their product changes.
Rachel Thrussell Head of Savings at Moneyfacts commened: "On the savings front, we have seen changes from 49 of the 100 plus onshore savings Institutions that we list, with almost a third of these reducing rates by more than the MPC quarter point cut. Many investors will be disappointed to see their potential interest returns being eroded by more than the 0.25% cut, they should check out the current best buy tables online or in the press to see if they can get a better deal elsewhere."
