Just over two months since the Bank of England cut the base interest rate to 0.25%, an array of lenders are still yet to react to the new market.

This is the message from Moneyfacts.co.uk, which says that the effect of the BoE’s decision on the mortgage market has been ‘mixed at best’.

The website’s research shows that since August 1 – three days before the base rate cut – the average interest rate on a SVR mortgage has dropped by just 0.17%

Before the halving of the base rate, the average SVR was priced at 4.80% – falling to 4.63% at the beginning of October.

Meanwhile, it’s a more positive picture when looking at the average lifetime tracker mortgage rate, which has dropped from 2.98% on August 1 to 2.68% this month – more than the BoE’s base cut.

The average rate for a two-year fixed mortgage, however, has fallen by just 0.10% since August from 2.48% to 2.38%.

“Many borrowers hoping to benefit from the Bank of England reduction could be sorely disappointed as two months on, a quarter of lenders have still yet to cut their rates to reflect the new circumstances,” says Charlotte Nelson, finance expert at Moneyfacts.co.uk.

“Lenders are facing pressure from the uncertain state of the economy, making them err on the side of caution as they react to the change in base rate.”