New purchase-only products offer up to £1,000 cashback with loan-to-values (LTVs) from 60 to 90 per cent and fee-free options at 75, 85 and 90 per cent. These products are available to all property purchasers, whether first-time buyers or home movers.

Barclays has also reduced rates on its Help to Buy 1 and 2 product range and cut rates on the Great Escape remortgage range, with £250 cash back, free legal work and free valuations.

Craig Calder, director of mortgages at Barclays, said: “We’re really pleased to launch the latest update to our mortgage range which sees a focus on purchase products for homebuyers with small deposits from 5 per cent. We know how expensive buying a house or moving home can be so we’ve also introduced fee-free purchase only products that give homebuyers cash back of up to £1,000 when they complete – with the flexibility to spend it how they want.”

The new product range includes a two-year fixed rate at 1.53 per cent at 60 per cent LTV with a £999 fee and £250 cashback.

The cheapest fee-free deal is a two-year fix at 2.39 per cent available at 75 per cent LTV and with £1,000 cashback, available for purchase only.

Homebuyers wanting to fix their rate for five years can do so at 2.79 per cent at 60 per cent LTV with no fee and £250 cashback.