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Jon Farley, intermediary sales director at C&G, said: "Until we know the Bank of England's base rate decision we are temporarily withdrawing all our tracker products from the market with a view to re-launching early next week once we know the impact of the base rate decision on wholesale funding costs."

As a result, all cases on these products must be submitted on to C&G Caseflow by 5pm today (3 December).

Earlier today, Simon Ward, the chief economist at New Star, predicted a 50 basis point cut in interest rates tomorrow by the Monetary Policy Committee (MPC), with the possiblity of an even higher cut on the cards.

Ward said: "At least in the UK's case, the model's suggestion that a 50 basis point cut is sufficient appears sensible given the 200 basis point move in the prior two months and massive fiscal loosening announced in the Pre-Budget Report."

The Association of Mortgage Intermediaries (AMI) is also calling for a further 1 percentage point cut when the MPC meet tomorrow, calling a reduction to 2 per cent "essential to keep the wider economy moving forwards in combination with the initiatives announced in the pre-Budget report last week."