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Eight lenders to pass on full rate cut

Eight of the UK’s largest lenders are passing on last week’s Bank of England base rate cut of 1% to existing customers on tracker mortgage deals.

Woolwich, HBOS, Lloyds TSB, Abbey, Northern Rock, HSBC, Nationwide and Britannia are passing on the full cut to tracker borrowers.

Woolwich is making a cut of 1.15% as it did not respond to November’s base rate reduction, while HSBC and Lloyds TSB have also cut their SVRs by the full 1%.

Nationwide will reduce its SVR by 0.69% to 4% on January 1 and HBOS has cut its SVR by 0.25% to 4.75%, having passed on all other recent rate cuts.

The other lenders say their SVRs are under review.

The Royal Bank of Scotland is re-evaluating its tracker base rate but has passed on the reduction to small businesses.

Following the base rate announcement, Alliance & Leicester withdrew its tracker range.

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