Heroes

HBOS, owner of Halifax, the UK's biggest lender

Market share: 20.1%; Gross mortgage lending in 2007: £73.1bn

HBOS bowed to immense pressure and passed on the 1.5 per cent cut to its SVR across all four of its mortgage brands — Halifax, Bank of Scotland, Birmingham Midshires and Intelligent Finance. It was also one of the first to pass on last month's half-point cut in full to borrowers on a variable rate. HBOS is one of the three banks accepting taxpayers cash as part of the Government's £37 billion bail-out of the banking industry.

Lloyds TSB, owner of Chelthenham & Gloucester and Scottish Widows

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

The first to pass on Thursday's 1.5 per cent, Lloyds TSB is reducing its standard variable rate (SVR) by the full amount to 5 per cent from December 1. The move will reduce monthly repayments by £187 on a £150,000 interest-only mortgage. Scottish Widows, the mortgage lender which is part of the Lloyds TSB group, also said it was reducing its SVR today by 1.5 percentage points to 4.99 per cent.

Abbey

Market share: 9.8%; Gross mortgage lending in 2007: £35.6bn

The bank, which is owned by Spain's Santander and is the UK's second biggest lender, was the second to cut its SVR on Thursday by the full 1.5 per cent, reducing it from 6.94 per cent to 5.44 per cent from December 1.

Bradford & Bingley

Market share: 3.9%; Gross mortgage lending in 2007: £14bn

The nationalised lender cut its product variable rate (PVR) by 1.5 per cent on Friday morning. However, as its PVR is pegged to the base rate, Bradford & Bingley had no choice but to pass it on to borrowers. Around 15 per cent of Bradford & Bingley's mortgages are on the PVR. The lender also passed the full 1.5 per cent cut to a small number of borrowers on its standard variable rate .

Nationwide

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

Britain's biggest building society and third biggest lender was the first to cut its base rate by the full amount following a meeting with the Chancellor attended by Nationwide and the major high street banks on Friday morning. Its SVR will fall from from 6.19% to 4.69% to December 1.

Royal Bank of Scotland (RBS) and its sister NatWest

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

RBS announced it was cutting the SVR by the full 1.5 percentage points from December 1. RBS was under particular pressure to cut its rates as it is set to take the biggest share of taxpayers cash in the Government's £37 billion bail out of the UK's banking industry. It's SVR has fallen from 6.69 per cent to 5.19 per cent.

Northern Rock

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

Homeowners on Northern Rock's variable were relieved after the state-owned bank announced it was passing on the full 1.5 percentage point cut on Friday afternoon. It's SVR has fallen by 1.5 percentage points to 5.84 per cent. After the last cut of half a point in October, the Government made clear it expected all lenders to pass on the cut to beleagured homeowners. However, Northern Rock only passed on a 0.15 percentage point cut, embarrassing the Government and angering customers.

Coventry Building Society

Market share: 1.2%; Gross mortgage lending in 2007: £4.2bn

Coventry is only the second building society to follow other high street lenders and pass on the full cut to homeowners on a variable rate. Earl Shilton, a small mutual, is cutting variable rates by 1.1 per cent.

Yorkshire Bank and its sister Clydesdale Bank

Market share: 1.1%; Gross mortgage lending in 2007: £4.1bn

Yorkshire and Clydesdale Banks, owned by the National Australia Bank, have cut their standard variable rates by the full 1.5 percentage points to 5.14 per cent.

Villains

HSBC

Market share: 2.8%; Gross mortgage lending in 2007: £10.1bn

The UK's biggest bank has not passed on Thursday's base rate cut and says it is under review. Last week, one of its senior bankers sparked an outburst from Lord Mandelson, the Business Secretary, when he said that it was unlikely that borrowers would benefit from the reduction in borrowing costs.

In October HSBC failed to pass on any reduction to its variable rate deals. However, it receives credit for being one of the few lenders to offer tracker mortgages that are pegged to the base rate.

Woolwich, the mortgage brand of Barclays

Market share: 6.3%; Gross mortgage lending in 2007: £23bn

The UK's sixth biggest lender has refused to be drawn on whether it is cutting variable rates, although a decision is expected soon. After declining Government cash as part of the £37 billion bail-out, it may think it is under less pressure than the three banks set to take taxpayers cash, HBOS, RBS and Lloyds TSB, who have all passed on the cut.

The other building societies

No other building societies have passed on the 1.5 per cent cut to members. Less than half of building societies passed on last month's half-point cut.

But a number of mutuals, including Scarborough, Cheshire and Leeds, were quick to pull their competitive savings accounts last Friday morning.

And the other culprits are...

Alliance & Leicester

Market share: 3.6%; Gross mortgage lending in 2007: £13bn

Bristol & West and its parent Bank of Ireland

Market share: 2.2%; Gross mortgage lending in 2007: £8bn

Standard Life

Market share: 1%; Gross mortgage lending in 2007: £3.7bn

All figures are from the Council of Mortgage Lending for 2007.

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