From today, Monday 9 March, all first-time buyers and home movers who take out a qualifying mortgage will be paid £500 cashback when the deal completes.

The offer will be available on mortgage applications made before Sunday 3 May.

Halifax has also reduced rates on a number of products in its four- and five-year fixed rate range. These products are available to first-time buyers, remortgage customers and home movers.

New changes include:

0-60% loan-to-value five-year fixed rate products have been reduced by 0.25% with rates from 2.59% (£495 fee)

60-75% loan-to-value five-year fixed rate products have been reduced by 0.15% with rates from 3.34% (£495 fee)

For product transfers, four-year fixed rates have been reduced by up to 0.25% and are fee-free.

Craig McKinlay, mortgage director at Halifax, said: “Halifax is committed to helping Britain prosper and ensuring we provide competitive products and great service to our customers.

“The extra costs included in buying a home or moving house can mount up. That is why we’re helping first-time buyers and homemovers with £500 cashback when they complete their mortgage with us and also reducing the rates across our five year product range.”