Watch out for late cutters

Some lenders have yet to cut their standard variable rate since last week's rate cut. We urge those that have not done so already, to pass on the full amount to borrowers.

With expectations of further rate cuts by the Bank of England, borrowers would receive the benefit of any reductions.

We also urge customers to watch out for collared rates when selecting a discount or tracker mortgage, as collars place a limit on how far the rate can fall.

For example, Halifax is currently offering a very attractive tracker rate, but borrowers need to be aware that if bank base rate drops below 3% (it is currently 3.5%) Halifax has the option of imposing a collar, stopping the rate from dropping any lower.