The Bank of England's Monetary Policy Committee has cut the Bank Rate by 0.5 percentage points to 1.0%.
This latest reduction is the fifth since October 2008, when the rate was reduced from 5.0% to 4.5%.
The decision will be welcomed by some customers with tracker and variable rate mortgages who could benefit from further falls in monthly repayments.
But not all lenders pass the cuts on in full and changes to standard variable rates may not take effect until 1 March.
If you were not lucky enough to take out the right tracker at the right time, your current mortgage is coming to an end or you are a first time buyer, you may need help looking for a competitive deal.
While figures from the Bank of England show an increase in the number of loans approved for house purchase in December, the financial information service Moneyfacts say the conditions attached to mortgages have become more severe and borrowers with less than 25% equity are being charged 2% more than those with 40% equity.
Disclaimer
These particulars are intended only as general guidance. The Company therefore gives notice that none of the material issued or visual depictions of any kind made on behalf of the Company can be relied upon as accurately describing any of the Specified Matters prescribed by any Order made under the Property Misdescriptions Act 1991. Nor do they constitute a contract, part of a contract or a warranty.
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