Lender MPowered Mortgages is offering a new rate of 6.74%, reducing its standard variable rate by 0.75%.
Lenders SVR tracks the Bank of England's benchmark interest rate, which was cut by 0.25% yesterday to 4.75%. 
M powered We have also reduced the tracker margin by an additional 0.50%. This means that SVR tracks BBR at +1.99%.
Stuart Cheatham, chief executive of M Powered Mortgages, said: “While the SVR can often move up or down in response to changes in the Bank of England base rate, not all lenders will pass on the full reduction (or increase) in the base rate.” Make your assessment of the SVR.
“However, to fully support borrowers in the market, we are pleased to be able to implement not only a full reduction in bank base rates, but also an additional 0.50% reduction. SVR is fully transparent to consumers and will pass on future interest rates.”
“As always, mortgage borrowers nearing the end of their mortgage contract should always seek independent financial advice to help them make informed choices about what to do next. .”
