The vast majority of people with a mortgage will see no immediate benefit if expectations of a cut in interest rates by the Bank of England this week prove correct.
Banks no longer automatically adjust their standard variable rates to reflect changes in the bank rate, so most of the 3m people with such loans will be unaffected. Similarly, the 4.6m people with a fixed-rate mortgage will see no change.
The exception will be the 1.5m people on tracker mortgages that automatically adjust to match changes in the bank rate.
