Santander has added £1,000 cashback to some of its first-time buyer products and reduced rates by up to 0.20 per cent.

The purchase only products for first-time buyers with the cashback incentive include the two and five-year fixes at 85 and 90 per cent loan to value (LTV) as well as the 95 per cent LTV mortgage guarantee deals.

These have minimum loans sizes of £75,000.

The bank has also added two and five-year fixes at 80 per cent LTV to its offering, both without a fee and with a £995 fee.

These products are available for remortgages and purchases with rates beginning at 1.8 per cent for a two-year fixed remortgage with a £999 fee and 2.47 per cent for a five-year fixed purchase deal with no fee.

Products with the largest rate cuts of 0.20 per cent include the two-year fixed at 60 per cent LTV with no fee, now priced at 1.24 per cent. The five-year alternative has seen an equivalent reduction and is now priced at 1.39 per cent.