Most homeowners will not save a penny on their mortgage if the Bank of England reduces the base rate again today because many lenders are refusing to pass on the cuts.

Since October, the Bank has slashed rates four times to 1.5% and experts predict a fifth reduction, to 1%. But fewer than 30% of lenders have passed on the full benefit of last month's cut, says financial information firm Moneyfacts.

The most generous bank is Lloyds, now part-owned by the taxpayer, which has passed on the whole cut to its standard variable rate. On an average loan of £150,000, this saves more than £300. But other lenders have managed cuts of only £70.

Also only 10% of Britain's 11.7m homeowners with a mortgage have a standard variable rate. Half are on fixed rate deals while others have trackers with 'collars' which mean their payments can go no lower.

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