The deal is available on selected five-year fixed rate at 90 and 95% loan to value (LTV).

Examples include no-fee five-year fixed rate at 95% LTV at 6.19% and 5.89% at 90% LTV.

The product has been launched based on customer research, which the lender said showed that first-time buyers “need help now, more than ever, amidst the high cost of living environment”.

The cashback will give a “helping hand” and help ease the costs of setting up a home for the first time, such as buying furniture or paying legal fees.

Yorkshire Building Society has also reduced selected rates across its range by up to 0.3%, including select deals at 95% LTV to further help first-time buyers.

Ben Merritt, director of mortgages at Yorkshire Building Society, said: “This is another example of how, as a mutual organisation, we’re passionate about creating purposeful products specifically designed to support groups like first-time buyers who really need our help in the current climate.

“We hope the cashback provided by the new range will be welcome – and will make a real difference to those looking to get onto the property ladder for the first time and fulfil their home ownership dreams.”