It probably won't surprise you that lenders offering standard variable rate loans do not always pass on cuts in the base rate.
Lenders argue that they have responsibilities towards their savers as well as to borrowers.
Unlike an ordinary variable rate mortgage, the tracker promises to follow the base rate wherever it goes, no matter how low. The difference between the tracker's rates and the base rate will remain constant for the duration of the mortgage. A second benefit of the tracker mortgage is that the difference between its variable rate and the base rate is normally far smaller than the margin on an ordinary variable rate mortgage. Moneyextra has teamed up with our sister company Willis National to provide a dedicated help line for Moneyextra users. Click here for more details.