Experts who believe mortgage rates may fall following the possible cuts in interest rates by the Bank of England (BOE), may be wrong, it has been revealed.

According to experts at Moneyfacts, mortgage rates may not reflect the interest rate cuts.

Analyst Michelle Slade, of Moneyfacts said that lenders are in “no hurry” to pass the cuts.

Mr Slade said:  "Mortgage rates are not following suit, even though the margin between bank base rate and LIBOR is less than it was before the October cut."

Earlier this month, the BOE reduced the base rate to three per cent from five per cent in October.

As a result, lenders removed tracker mortgages after Prime Minister Gordon Brown had called for lenders to pass the cuts in interest rates.

He said: "We want banks and building societies to pass on interest rate cuts to mortgage holders."

Slade added: "The lenders have been blaming the high costs of funds in the money markets for not bringing rates back down, but these rates have now started to fall.”

Meanwhile, the discharge of new minutes from a recent meeting with the BOE’s monetary policy committee (MPC) hinted that interest rates could drop within the next few months.

Yet according a financial expert, interest rates could soon fall to an estimate of 2.5 per cent benefiting those with a commercial mortgage.