Royal Bank of Scotland today announced it was passing on 0.25% of yesterday's interest rate cut to its variable rate borrowers.

Royal Bank of Scotland today announced it was passing on 0.25% of yesterday's interest rate cut to its variable rate borrowers.

Five major mortgage lenders have now announced they will be cutting their standard variable rate (SVR) mortgages, with Lloyds TSB, Nationwide and HSBC all passing on the full 0.5%.

But both Lloyds TSB, which also lends under the Cheltenham & Gloucester brand, and Nationwide state that their standard variable rate (SVR) will never be more than 2% above the Bank of England base rate, leaving the groups with little choice but to do so.

Since the beginning of October, the Bank of England base rate has been cut by 3.5% to 1.5%.

Here are details of the major lenders' SVRs and by how much they have reduced them: Lender Current Reduction being Total reduction Still available SVR* passed on from since October 1 to new customers today's cut Halifax 4.50% 0.25% 2.50% No Nationwide 3.50% 0.5% 2.99% No Abbey 4.94% Under review 2.15% No Lloyds TSB 3.50% 0.5% 3.50% No Northern Rock 5.34% Under review 2.15% No Woolwich 5.49% Under review 1.65% No RBS/NatWest 4.19% 0.25% 3.00% No HSBC 3.94% 0.5% 2.31% No Alliance&Leic 5.34% Under review 1.85% No Bradford&Bingley 4.84% Under review 2.25% No :: For lenders that have already announced a cut, the current SVR includes the latest reduction, although for most lenders this does not apply until February 1.