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‘50,000 home-owners have interest-free mortgages’

Cheltenham & Gloucester, part of Lloyds TSB, is believed to have offered the lowest deal – a tracker rate of 1.01% below the base rate, meaning that the 1500 customers with the loan have not been paying interest since February’s cut.

C&G had other mortgage deals that tracked at 0.5% or more below the base rate – along with Halifax.

Other lenders with similar deals included the Co-operative Bank and Mortgage Express.

As the Bank of England base rate stands at just 0.5%, all of these customers should now find themselves paying no interest on their home loan at all.

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