Homeowners on tracker mortgages, which follow the Bank's base rate, will be the first to benefit from the savings.
Barclays , Santander, Metro Bank, Lloyds , Halifax, Nationwide and HSBC all cut repayments costs by 25 basis points shortly after the BOE's announcement.
Those on standard variable rates, which typically take effect once a borrower's tracker or fixed rate deal ends, will also see savings.
Given their more volatile nature, tracker and SVR mortgages remain a relatively niche part of the U.K. mortgage market.
However, analysts suggest it may not be long until reductions feed through to the 6.93 million households on fixed rate mortgages.
Organizations:
Bank of England, HSBC, Santander, Nationwide, Homeowners, Barclays, Metro Bank, Lloyds, Finance
Locations:
London's Muswell Hill, London, Halifax, Santander