Lloyds, Halifax, HSBC, Barclays and Co-operative Bank have confirmed they will pass on today’s Bank of England base rate cut in full to borrowers on standard variable rate mortgages, however the timescales for doing so differ.

Lloyds, Halifax, Barclays and HSBC will make the reductions on April 1.

Co-operative Bank first said it would not pass on the cut until May 1, but has now brought the change forward to April 1 in line with other lenders. 

A spokesman for Computershare, which owns loan books containing thousands of mortgage prisoners, has told Mortgage Strategy that the full base rate cut will be passed on to borrowers from April  1.

This will apply to borrowers whose mortgages are held within the Heliodor, Melanite, Rosolite, Siberite and Topaz loan books.

Mortgage Prisoners action group lead campaigner Rachel Neale has contacted the owners of other loan books to urge them to pass the savings onto borrowers. 

Halifax says its homeowner variable rate and standard variable rates will both come down from 4.24 to 3.74 per cent.

Lloyds’ homeowner variable rate will also come down from 4.24 to 3.74 per cent. 

Lloyds’ standard variable rate will come down from 2.75 to 2.25 per cent.

Barclays’ SVR for residential borrowers will be cut from 5.24 to 4.74 per cent and its buy-to-let SVR will be cut from 5.74 to 5.24 per cent.

HSBC’s residential SVR will come down from 4.19 to 3.69 per cent and its buy-to-let SVR will reduce from 5.25 to 4.75 per cent.

Co-operative Bank’s SVR will come down from 4.99 to 4.49 per cent.

Royal Bank of Scotland/ Natwest, Nationwide, Yorkshire Building Society all said they were still reviewing the situation and would make an announcement in due course.

Mortgage Strategy also contacted Santander and is awaiting a response.