Mortgage customers have felt little benefit so far from Wednesday's cut in the Bank of England base rate.

The 0.5% reduction to 4.5% would normally have prompted a steady stream of mortgage rate cuts. But Richard Morea at broker London & Country says that hasn't been the case this time. 'Normally you would see a steady flow of lenders reducing their standard variable rates, but after the Halifax, Barclays and Lloyds lowered their rates, we have seen precious little movement. It is very unusual.'

Independent on Sunday