"This only applies to new lending – existing customers with a tracker rate will see a reduction in line with their mortgage terms and conditions."
The lenders, part of Lloyds Banking Group, will no longer offer tracker products to new borrowers but confirmed that existing customers with a tracker rate will see a reduction in their rate.
Last week, the Bank of England's Monetary Policy Committee made an unscheduled decision to cut the base rate by 0.5% in response to the economic threat of Covid-19.
A spokesperson for Lloyds Banking Group said: "We regularly review our mortgage products and policies to ensure they meet the needs of our customers as well as listening to customer and broker feedback.
"This only applies to new lending – existing customers with a tracker rate will see a reduction in line with their mortgage terms and conditions.
"A range of fixed rate products is available to new customers."
