Lenders are reacting slowly to the Bank of England''s latest interest rate cut, meaning many homeowners have yet to benefit from the long-delayed relief.

Variable-rate tracker mortgages are pegged to the base rate of borrowing and so can be expected to fall in line with the latest dip in the cost of borrowing, down from 5.75 to 5.5 per cent.

Such fluctuations are not automatic, however, and because of the current financial climate moneyfacts.co.uk is reporting that a number of lenders are exercising their discretion and postponing rate changes.

Even among those mortgage providers who have rolled out relief, seven introduced rate cuts that fall short of the Bank''s quarter per cent - prompting Moneyfacts spokesman Lisa Taylor to warn of a "nervous time" ahead for homeowners.

"There are a lot of people who have been left in the dark as to whether their mortgage bills are going to fall," she said, adding that the list of major high street lenders dragging their feet includes HSBC and Northern Rock.

The Bank of England''s latest inflation report predicted that pressures caused by the spike in oil prices will ease in 2008, allowing for further rate cuts in the months ahead.