Mortgage providers have axed tracker mortgages despite Gordon Browns call for lenders to forward cuts in interest rates.

Nationwide, Northern Rock, Alliance & Leicester, Woolwich and other many other building societies have eliminated the tracker mortgage in order to introduce more competitive offers after refusing to “pass on” base rate cuts.

The move was made after the Bank of England announced that its base rate would fall by 1.5 points to 3 per cent, being the lowest level in over 50 years.

After the Banks decision, the Prime Minister said: "We want banks and building societies to pass on interest rate cuts to mortgage holders."

Yet lenders have refused to “pass on” the cuts.

Apart from Abbey, Lloyds TSB and some products of Bradford & Bingly, who decided yesterday that they will pass on the 1.5 per cent cuts, according to Moneyfacts.co.uk, the market is said to have had all tracker mortgages withdrawn by 24 lenders.

The UK’s biggest bank, HSBC said it will not announce their decision on whether they will “pass on” the 1.5 points until next week.

Lenders Cheltenham & Gloucester and Lloyds TSB also said a new range will be introduced early next week while Northern Rock, who axed its range of both residential and buy-to-let tracker mortgages, said it will announce new rates following the Bank of England’s decision.

Woolwich reduced its rates by up to 30 points after being forced change its entire range of trackers.

Broker Melanie Bien, said: "Lenders are really going to struggle to pass on the full cut. No one expected the base rate to be cut this far. It should have a massive effect on the mortgage market. This is a historic, dramatic reduction."