Accord Mortgages is to offer first-time buyers a cash incentive by offering them an extra £500 cashback when they complete on a mortgage.
All first-time buyers completing on fixed rate mortgages with the intermediary-only lender, part of Yorkshire Building Society Group, at 90 per cent or 95 per cent loan-to-values (LTVs) will be eligible for the extra cashback.
The offer will be available until 5 December.
It will be applied on top of all other existing incentives for the specific mortgage chosen, with the largest total cashback amount reaching £1,250.
David Robinson, national intermediary sales manager at Accord, said: “We’ve always been committed to providing competitive rates for borrowers with 5 per cent and 10 per cent deposits.
"We’re pleased to offer an exclusive range which gives those who have never had a mortgage before a little extra boost to settle into their first home.
“Many first-time buyers turn to a broker for advice, so we hope this extra bonus with our high LTV range will appeal to intermediaries who are helping their clients get their first step onto the property ladder."
Under the new offer, a first-time buyer that took out a 2.32 per cent two-year fixed rate with a 10 per cent deposit, which has a £995 product fee, free standard valuation and £250 cashback on completion would receive an additional £500 cash back, taking the total cashback on completion to £750.
Andrew Montlake, director at Coreco Mortgage Brokers, said: “This is another good move and first-time buyers who have to battle with raising a deposit and other associated costs of getting on the housing ladder will be grateful for the additional assistance the £500 cashback brings.”