Major mortgage providers have been quick to announce that they will pass on the latest UK interest rate cut.

Most will wait until early March to cut standard variable rates in line with the 0.25% base rate reduction.

Halifax, Nationwide, Abbey, Royal Bank of Scotland/NatWest and Lloyds TSB all said they would pass on the interest rate cut in full.

A £100,000 repayment mortgage would be £15 a month cheaper, said the Council of Mortgage Lenders (CML).

But the CML warned borrowers not to expect an automatic cut in standard variable and discount rates across the market.

They view is that lenders' rate-setting policies are more complex than simply the level of the base rate. They are determined by a range of factors including the cost of retail funding and the cost and availability of wholesale funding.

Halifax, Nationwide, NatWest, Abbey and Lloyds TSB will all pass on the cuts to customers on 1 March. HSBC said it would make the cut on 7 March.