Research conducted for the Independent released today shows that since the Bank of England’s base rate cuts, lenders have failed to pass on the saving.

The research claims that out of 1,000 mortgage deals, the greater majority of lenders have not passed on the 1% cut.

Instead, the Independent says, lenders have reduced the average fixed rate by 0.14%.

Tracker mortgages have also become more expensive since December, the research claims.

This means that remortgage customers are unlikely to benefit from the cuts.