Hodge is passing on the Bank of England base rate cuts in part to borrowers on standard variable rates from tomorrow.

While the official base rate was cut from 0.75 per cent to 0.25 per cent on March 11 and then again to 0.1 per cent on March 9 as part of emergency measures to support the economy, Hodge is only passing on part of the 65 basis point reduction.

Borrowers on its SVR will see their rate drop by 50 basis points from 4.7 per cent to 4.2 per cent.

This will affect customers who have its retirement interest-only mortgages and holiday let products and who have rolled onto the reversion rate.

It will also affect borrowers with discounted variable rate deals.

Business development director Emma Graham says: “In these difficult times, we are doing all we can to ensure our customers are getting the best service from us.

“It’s crucial we support borrowers through this period of uncertainty and passing on the base rate reduction will hopefully help in some way.”