"This demonstrates the chasm between Government rhetoric calling for lenders to pass on all rate cuts and financial reality. In the current climate we need financial stability and that starts with profitability.
"Nationwide has said it wants to be able to offer decent savings rates but with some of its deposit accounts offering less than one per cent, we need to be sure that Nationwide's actions start to match its words.
"Other major lenders are likely to follow Nationwide's lead on mortgages, perhaps signalling an end to any argument for the Bank Of England to cut interest rates further.
"The last three rate reductions have taken mortgage rates to astonishing lows, with the majority of borrowers on trackers benefitting from significant reductions in their monthly payments."
Louise Cuming's top tip: "If practical, make overpayments to your mortgage. This will reduce your debt sooner, build up equity in your home to help you qualify for lower rates and reduce the impact of potential rate increases in the years to come."
Whilst rate cuts may not help mortgage customers they would still be welcomed by business, who in many cases have interest rates on loans linked to the base rate.
