Borrowers coming to the end of cheap mortgage rates could be better off staying with their existing lender, rather than switching to a new deal, following last week’s base rate cut.

Most large lenders have passed on the full 1.5 point cut to their standard variable rates, but few have reduced deals for new borrowers by the same amount. This means that some SVRs, which are typically higher than the rates offered to new customers, are now among the best rates on the market.