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.