Ok. So the Bank Of England has cut it's base rate to 3%. Great. I have just spoken to my mortgage lender (SPML) and they are not passing this on to the customer nor did they pass the last rate cut on. They said they use the Libor rate. My mortgage is not fixed so should it go down with the BOE rate?

I am re-mortgaging in March but a saving now would be nice.

Who are you mortgaging with? Simply that most lenders have reduced their tracker mortgages in line with the cuts.

The biggest lenders have passed on the savings!

...the bad news is that some of the smaller lenders have said that they can't afford to pass **ALL** of the interest cuts on to the customer as they need this to pay back some of the money they have borrowed recently.

One can understand that this is logical from a business prospective. However, these smaller lenders will feel the repercussions of this in the end as people will just end up moving to another mortgage lender who gives them a better deal.