Halifax is offering £750 cashback for first-time buyers, homemovers and remortgage customers on qualifying mortgages.
Available until 2 January, the offer does not apply to product transfers, further advances and applications through Halifax Intermediaries.
The money will be paid automatically on completion and sent to the conveyancer with the completion funds.
In addition to the cashback, eligible borrowers will also be supported through the mortgage process by a dedicated mortgage adviser.
Free basic legal fees and standard valuation costs will also be paid by the bank to remortgage customers.
Richard Washington, mortgages director at Halifax, said: “Buying a home is one of the biggest financial commitments of our lives - whether it’s a first property or another step on the housing ladder.
“Our latest cashback offer supports customers at this expensive time and helps those remortgaging with any unexpected costs.”
Matthew Fleming-Duffy, director at Bournemouth-based Cherry Finance, commented: "[This is a] rather peculiar position to take. While I am sure Halifax have a reason for this, I would question whether it is fair to the consumer."
Oliver Marley, mortgage adviser and head of research at London-based Independent James, commented: "That is not bad at all. Quite a lot of the cost up front is with a mortgage broker and on a valuation fee. It is normally £500 on a valuation fee to start with.
"You do have to bear in mind that it is not available to [advisers], but if you see it is a good deal, you do mention it to the client. It is not a dig at brokers, but perhaps a way of them supporting their in-house advisers.
"It would mean that they don't have to pay us a proc fee so they can pass those savings on to the customer."
simon.allin@ft.com
