Which lenders are reducing rates?

For the first time in two years more buyers are entering the property market bringing hope, along with rate cuts, for the stagnant property market. A recent report from the Royal Institution of Chartered Surveyors (Rics) highlights how 14% more surveyors saw an increase in buyers and that the number of homes being sold has drastically fallen.

Rics spokesman Jeremy Leaf said: "Many are starting to see the current market as an opportunity to purchase a previously unaffordable property despite the worsening economic picture."

Stephen Ludlow comments:"We are still selling property where prices are realistic, and we now hope that this combination of kick-starts will give buyers and sellers more confidence."

Lenders rate cuts:

Bank of Ireland has cut its SVR 1% to 4.49%

Barclays has cut its SVR by 1.15% to 5.49% (no cut was made in November)

Bristol & West has cut its SVR by 1% to 4.49%

Cheltenham & Gloucester has cut its SVR by 1% to 4%

First Direct has cut its SVR by 1% to 3.69%

HSBC has cut its SVR by 1% to 4.44%

Halifax Bank of Scotland has cut its SVR by 0.25% to 4.75%

Lloyds TSB has cut its SVR by 1% to 4%

Nationwide has cut its SVR (base mortgage rate) by 0.69% to 4%

Natwest has cut its SVR by 0.75% to 4.44%

Royal Bank of Scotland has cut its SVR by 0.75% to 4.44%

Woolwich has cut its SVR by 1.15% to 5.49% (although no rate cut made in November)