Buying a home is an expensive business, but one lender’s new cashback offer gives homebuyers a significant sum when the mortgage deal completes.

Halifax is offering first-time buyers and home movers £1000 cashback on qualifying mortgages from today, as well as a dedicated mortgage adviser to smooth the borrowing process.

Richard Washington, mortgages director at the lender, said: “Taking your first step onto the property ladder and moving house are big life milestones. The costs involved can also be significant, during what can often be a stressful time.

“Our latest offer aims to be there when first-time buyers and homemovers need us, providing a boost to bank balances during what can be an expensive period. This should mean that borrowers can focus on celebrating moving into their new properties and making them a home.”

The costs of buying

Halifax also revealed that the average first-time buyer deposit has more than doubled over the past decade from £15,168 in 2006 to £32,321 in 2016.

With many borrowers finding that their savings are swallowed up by the huge costs of buying, cashback mortgages can be a welcome boost. After all, you may need money to decorate or furnish you new home.

However, it’s important to choose your mortgage based on its overall suitability, not just any incentives offered.