A number of lenders increased the price of their short-term mortgage deals on Thursday, in spite of the cut to the base rate, indicating that costs would remain high for new borrowers.

Halifax, Nationwide, Woolwich and First Direct were among those who passed on the full quarter-point reduction to variable-rate mortgages. Borrowers with deals that track the base rate will automatically see the full cut. But first-time buyers and borrowers coming to the end of cheap fixed-rate deals look unlikely to benefit.