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The nationalised lender cut its product variable rate (PVR) by 1.5per cent overnight, but had no choice because its PVR is pegged to the base rate. About 15 per cent of its mortgages are on the PVR. The lender has also passed the full 1.5per cent cut to borrowers on its SVR.

Nationwide

Market share: 9.3%; Gross mortgage lending in 2007: £33.9billion.

Britain's biggest building society and third biggest lender cut its base rate by the full amount announced by the Bank of England yesterday. Its SVR will fall from from 6.19% to 4.69% to December 1.

Royal Bank of Scotland (RBS) and its subsidiary NatWest

Market share: 6.2%; Gross mortgage lending in 2007: £22.6billion.

RBS and NatWest are cutting the SVR by the full 1.5 percentage points from December 1. RBS was under pressure to cut its rates because it is set to take the biggest share of taxpayers' cash in the Government's £37billion bailout of the banking industry. Its SVR has fallen from 6.69 per cent to 5.19 per cent.

Northern Rock

Market share: 8.1%; Gross mortgage lending in 2007: £29.5billion.

Homeowners on its SVR will be relieved after the state-owned bank announced it was passing on the full 1.5 percentage point cut last night. Its SVR has fallen to 5.84 per cent. After the cut of half a point in October, the Government made clear it expected all lenders to pass on the cut to homeowners. However, Northern Rock made only a 0.15 percentage point cut, angering customers and embarrassing the Government.

...and the villains

HSBC

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