West Brom Building Society is offering £1,000 cashback on its 2.99% 90% loan-to-value 5-year fix.
This is double the previous incentive, while the lender is also offering a free standard valuation and no booking or completion fees.
David Taylor, the West Brom’s head of products, said: “The West Brom is committed to supporting members who wish to purchase their own home by offering a broad range of mortgage products which deliver good overall value.
“We know that many of the borrowers opting for products at up to 90% LTV are buying a home for the first time. Reducing the costs associated with taking out a mortgage means they can focus instead on saving for that all-important deposit.
“Those borrowers qualifying for cashback can also put the payment to good use against other essential expenses, such as stamp duty where applicable, conveyancing fees or even furnishing their new property.”
Borrowers with a deposit of 15% can take out a 5-year fix at £500,000 with £500 cashback.
The lender has also refreshed its remortgage range by removing completion fees at 85% and 90% LTV.
Mortgages revert to the West Brom’s standard variable rate at the end of the 5-year fixed rate term, which is currently 3.99%.