Halifax has announced it will treble its current cashback mortgage offer to £750 for homeowners who switch to the bank from another lender.

The £750 will be paid automatically on completion, and sent to the conveyancer with the completion funds.

Plus the lender will pay standard valuation costs and basic legal fees, helping customers save an average of £300.

Craig McKinlay, mortgages director of Halifax, said: “People can often be put off remortgaging by thinking it’s a daunting process and they don’t have time to take that step.

“We are always working to find ways to help give customers extra and this new offer means homeowners can not only benefit from a dedicated mortgage adviser to guide them through the process, but also enjoy an extra £750 in the bank which could help make the summer a bit brighter.”

Halifax said that those applying for a remortgage deal can get an Agreement in Principle within 15 minutes (without affecting credit history) however suits them best – by applying via their local branch, over the phone or online.