Despite a swift reduction in interest rates by leading mortgage lenders, Halifax and Nationwide, the cut in the Bank of England’s base rate to 5.5% is unlikely benefit homeowners immediately.The London Interbank Offered Rate (Libor), the rate at which banks lend money to one another, remains at 6.65%, a nine-year high, and banks raising funds [...]

More: Further base rate cuts needed to reduce mortgage costs

I think it's really difficult for anyone with a fixed rate mortgage at the moment to get any benefits from this interest rate cuts. If i am due to get a mortgage out now, is it wise to get a variable mortgage or cut my losses and stay safe and get a fixed one at the current base rate?

I always recommend a fixed mortgage. If you can't afford the monthly payments you shouldn't get a mortgage in the first place.