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Sandra Newman, who is a research manager with a mortgage, said: "I don't think it is a good thing, my lender will definitely not pass on this new rate, and it is bad for savers, but I suppose it will be good for business."
Laura Harris, who is on a fixed rate mortgage, said: "I think in the longer term it will be a good thing. But I am not sure the banks will pass it on."
Paul Bailey, who has a fixed rate mortgage, wondered how younger people and first time buyers would be helped by this rate cut. "How will it help them get onto the ladder," he said.
Estate gardener Marion Dove said: "I think it is quite alarming because they never make cuts that big it shows they must be desperate."
Gill Singleton, who has two mortgages and is the buying director of a large menswear company, said: "If it is passed on it will make a substantial difference to my mortgage repayments. But this is a huge cut, one has to ask why it is so large right now and if there are more to come. The stock market has fallen quite drastically. Share prices have dropped after hearing about this."
Robert Milloy, a teacher with a fixed rate mortgage, said: "It sounds like a good move and I think it gives a firm indication of how bad this crisis is. My main concern is that I don't think the banks will pass it on in full. In a time of such economic gloom I'm a bit disappointed that I won't feel the benefit of interest cuts because I'm on a fixed rate mortgage."
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