Exposed: Best mortgage SVRs

A total of 57 mortgage lenders have changed their standard variable rates (SVR) following this month's interest rate cut.

Of those lenders, eight failed to pass on the Bank of England's full 0.25 per cent reduction in rates including Northern Rock, which cut SVRs by 0.1 per cent and Britannia BS which made a 0.15 per cent downward tweak.

And, analysis by finance website Moneyfacts.co.uk discovered, none of the top five biggest lenders had any mortgage products linked to SVR, despite being among the first companies to announce their intentions.

Stafford Railway Building Society, however, shone among its competitors' offering after dropping its SVR by 0.35 per cent, which means its 5.99 per cent rate is the lowest on the market.

Michelle Slade, an analyst at Moneyfacts, said: "Many of the big lenders were uncharacteristically quick off the market to announce their intentions. However, on closer inspection, none of the top five biggest lenders has any current mortgage products linked to SVR.

"Of these lenders the largest number of SVR products, Leeds Building Society and Monmouthshire Building Society have announced they will be passing on the full 0.25 per cent. Barnsley, Dudley and Vernon building societies are yet to announce their intentions."

Ms Slade said it came as no surprise the newly-nationalised Northern Rock did not pass on the full rate cut. The move means it's 7.59 per cent SVR is one of the highest on the market.

She added: "New lending does not appear to be a major part of its strategy moving forward."

The Moneyfacts best buy table for variable rate mortgages:

	Rate	Period	Max LTV	Fee
First Direct	5.59%	for term	90%	£399
Saffron BS	5.60%	for term	95%	£749
Chesham BS	5.74%	for term	90%	£0
Co-operative Bank	5.74%	for term	90%	£599
Norwich & Peterborough BS	5.74%	for term	90%	£599
Newcastle BS	5.75%	for term	85%	£0