The £1,000 will be paid automatically on completion, and sent to the conveyancer with the completion funds.
Ian Wilson, head of Halifax Intermediaries, said: “First-time buyers can often face unforeseen costs when they make their first move. We are committed to supporting first-time buyers on to the property ladder, and this offer will go some way to helping with some of the extra outlays during what can be an expensive time.”
Moneyfacts data out today also confirmed the number of high-LTV first-time buyer deals has also fallen by 16% in five months.
Mortgage cashback offers have been in decline despite high levels of competition in the mortgage market due to record low rates. The number of deals has plunged from 974 last June to 771 today, Moneyfacts said. The average amount offered as cashback has also dipped from £479 to £436 today.
However, experts said cashback offers come with a warning.
“Whilst the idea of free money may sound appealing, borrowers must consider these deals with caution as they are often accompanied by a slightly higher rate or fee,” said Charlotte Nelson, finance expert at Moneyfacts.co.uk.
“Mortgage applicants would be wise look at the product in its entirety to ensure that the best deal is obtained.”
The Halifax deal is available to customers who apply between 15 August and 25 September 2016.
