As widely predicted, the Bank of England has once again lowered the base rate and it now sits at 5.25%.
The news will be welcomed by some homeowners who can expect to pay less in monthly repayments on their mortgages.
Mortgage lenders have moved quickly to promote their range of deals in the wake of the news with Nationwide, Woolwich, Halifax, Lloyds TSB and Cheltenham & Gloucester saying they will be reducing their SVRs by 0.25 per cent.
If you're in the market for a new mortgage make sure you have a good look around as there are plenty of deals to be had. Unforuntately, most of the good ones vanish as quickly as they appear, so keep your eyes open.