Accord Mortgages is offering first-time buyers an extra £500 cashback when they complete on a mortgage.

All first-time buyers completing on fixed rate mortgages with the intermediary-only lender at 90% or 95% loan to values (LTVs) will be eligible for the extra cashback.

It will be applied on top of all other existing incentives for the specific mortgage they choose, with the largest cashback amount they could receive reaching £1,250.

For example, under the new offer, a first-time buyer who took out a 2.32% two-year fixed rate with a 10% deposit, which has a £995 product fee, free standard valuation and £250 cashback on completion, would receive an additional £500 cash back, taking the total cashback on completion to £750.

David Robinson, Accord’s national intermediary sales manager, said: “We’ve always been committed to providing competitive rates for borrowers with 5% and 10% deposits. We’re pleased to offer an exclusive range which gives those who have never had a mortgage before a little extra boost to settle into their first home.

“Many first-time buyers turn to a broker for advice, so we hope this extra bonus with our high LTV range will appeal to intermediaries who are helping their clients get their first step onto the property ladder.

“However, the added cashback is only available for a limited period, and is guaranteed until Monday, 5 December only.”