Two more high street lenders have cut their mortgage rates following the Bank of England's reduction in interest rates earlier this month.

Cheltenham & Gloucester, part of the Lloyds TSB group, said it was cutting its standard variable rate by 0.2 per cent to 5.75 per cent.

Alliance & Leicester reduced their's by 0.16 per cent to 5.79 per cent.

The Monetary Policy Committee's decision to cut interest rates by 0.25 per cent to 3.75 per cent on February 6, appeared to catch most lenders by surprise.

Only the One account, formerly the Virgin One account, and Sainsbury's Bank announced on the day that they would pass the full 0.25 per cent reduction to customers.

The HBOS group, which includes Halifax, Bank of Scotland, Intelligent Finance and Birmingham Midshires, reduced rates by 0.1 per cent the next day.

Northern Rock has since cut its standard variable rate by 0.16 per cent.

Nationwide has reduced its base mortgage rate by 0.1 per cent to 4.64 per cent. Abbey National has cut its standard variable rate by 0.15 per cent to 5.79 per cent.

Yorkshire bank passed on 0.16 per cent of the reduction to its customers, reducing its standard variable rate to 5.79 per cent.

But other lenders said they had yet to make a decision.