Bank of Scotland has announced an exclusive offer for first time buyers. Those first time buyers who apply for a mortgage, including the Help To Buy 5% deposit mortgage, before 3 March 2014 will receive £500 cashback.

First time buyers and home-movers can apply for 5% deposit Help to Buy mortgages in branches, while the cashback offer is available to first time buyers from Friday 3rd January.

The Help To Buy product rates, available up to a maximum loan to value of 95%, include a two-year fixed rate at 5.19% with a £995 product fee.

Nicola Noble, mortgage and bancassurance director at Bank of Scotland, said: “We have already seen a strong demand for our Help To Buy mortgages and aim to provide a genuine solution for many more home movers and first time buyers trying to move up, or get on, the property ladder this year.

“By offering first time buyers £500 cashback, we hope to give aspiring homeowners some extra support at a time when they need it most.”