The firm has seen some tracker rates rise by almost a quarter point since the first rate cut was agreed in December 2007 as lenders look to claw back some ground as the products grow in popularity.
mform.co.uk highlighted Lloyds TSB's tracker aimed at interest-only borrowers looking to take out a loan of £100,000.
At the beginning of December the rate was 6.11 per cent (0.36 per cent above the Bank of England base rate) and the monthly cost was £509.17.
Following the December cut the rate dropped back to 5.86 per cent – again 0.36 per cent above the Bank of England base rate - and the monthly cost to £488.33.
However after February's 0.25 per cent reduction in the Base Rate, mform.co.uk has seen the monthly cost grow by an extra £19.16 per month to £528.33, an increase of 0.23 per cent.
“The Bank of England rate cuts are not feeding through to borrowers with trackers as lenders reprice," said Francis Ghiloni, mform.co.uk’s marketing and business development director.
“mform.co.uk argued that a 0.5 per cent rate cut in February was the minimum that was needed to help both borrowers and lenders and our analysis shows that another cut is needed.”
She did praise Nationwide Building Society though after it left rates on its 90 per cent loan-to-value tracker alone.
