Many borrowers on variable rate mortgages will not benefit from this month's rate cut...

They look likely to have a disappointment at Christmas as 79% of lenders have yet to pass on the Bank of England's rate cut of early December. The 0.25% cut was the good news that many borrowers had been holding out for, but lower mortgage payments are yet to follow from the majority of lenders.

Another 37% of lenders have announced a rate cut, but have said this will not take effect until the end of the month or the New Year. “Lenders need to address their mandate of treating customers fairly," said moneysupermarket.com's Louise Cuming.

"Four out of every five mortgage lenders have given themselves an early festive treat by not passing on the reduction to their Standard Variable Rates. In the current economic climate, I would have liked to have seen providers showing a little more compassion towards borrowers who have spread themselves thin over the Christmas period.

Ms Cuming continued: "Time and time again we see this delay in passing on reductions. Perhaps providers' New Year's resolutions could be to pass on rate changes automatically or backdate them. The Bank of England decision to cut the rate was to try and boost the economy, but a cut of 0.12% won't do that."

The research by moneysupermarket.com also revealed that 29% of lenders have announced a cut will not be passing on the full cut.