Three lucky Halifax customers are set to win their mortgage paid off in full, as the lender has launched a new mortgage prize draw.

Customers who apply for a qualifying Halifax mortgage between 5th November and 30th December 2018 will be in with a chance of becoming mortgage-free (up to the value of £300,000).

In addition, 100 runners up will receive cash prizes of £1,000 and, during the period of the prize draw, Halifax will offer all eligible customers £500 cashback on completion of their mortgage.

Russell Galley, managing director of Halifax, said: “For most people, mortgage repayments are by far the biggest of their monthly outgoings, with mortgage freedom decades away from becoming a reality. I’m delighted that Halifax will be the first bank to offer a prize draw to help change the lives of three lucky mortgage customers, on top of our £500 cashback offer.”

To be eligible for the draw, customers must be a homebuyer, remortgagor or an existing Halifax customer changing those named on the mortgage. They must apply for a qualifying mortgage before 30th December 2018, and register for the draw by 31st January 2019.

The prize draw will take place on 15th April 2019.