Borrowers' hopes for lower mortgage payments have been dashed by the Bank of England's announcement that interest rates will stay at 5.25 per cent.
Last month the Monetary Policy Committee cut rates by 0.25 per cent.
But many lenders ruled out a rate cut for borrowers unless the rate fell by a further 0.25 per cent. The lenders said cuts would be unviable and against the interests of their savers.
However Abbey National and Halifax did subsequently cut their lending rates by 0.25 per cent.