Mortgage lenders cut loan rates

The UK's two biggest mortgage lenders are passing on savings from last week's interest rate cut to borrowers.

Abbey National said it would cut its standard variable rate by the full quarter of a percentage point, but rival lender Halifax is only passing on a 0.15 percentage points cut.

However, Halifax customers on tracker mortgages will get the full 0.25% cut.

So far Barclays, Woolwich, Sainsbury's Bank, Cheltenham & Gloucester, and The One Account passed on the full cut to customers.