HSBC maintains that only 1% of the bank’s mortgage customers are on SVRs.

Their new rate will fall from 6.25%to 5.44%.

Of HSBC customers with variable rate mortgages, over 95% have mortgages linked to the Bank of England base rate.

Earlier this month HSBC announced it was passing on the cut in full to all its tracker rate customers.

HSBC is also offering its existing SVR and discounted rate borrowers the option of moving onto the bank’s current ‘best buy’ lifetime tracker mortgage free of charge.

This makes for a £799 discount on the deal.

This lifetime tracker (currently 3.99%) charges 0.99% over Base rate for up to 60% LTV.