Richard Washington, mortgages director at the lender, said: “Taking your first step onto the property ladder and moving house are big life milestones. The costs involved can also be significant, during what can often be a stressful time.

“Our latest offer aims to be there when first-time buyers and homemovers need us, providing a boost to bank balances during what can be an expensive period. This should mean that borrowers can focus on celebrating moving into their new properties and making them a home.”

Halifax also revealed that the average first-time buyer deposit had more than doubled over the past decade from £15,168 in 2006 to £32,321 in 2016.