Coventry for Intermediaries will be offering a £500 cashback incentive on all fixed rate residential and offset products for first time buyers and home movers at the end of the week.

The lender said the cashback incentive will be paid directly to borrowers via a faster payment within 30 days of completion.

Kevin Purvey, director of intermediaries, said: “We’re delighted to announce our cashback incentive for all fixed rate residential and offset mortgage products from Friday 9 June. While buying a first home or taking the next step on the property ladder is exciting, costs can mount up very quickly. We hope that our new cashback incentive of £500 will help with any unexpected costs and make things easier for borrowers.

“We think that this new cashback incentive – when combined with our competitive rates, options for application fee-free products, a valuation of up to £670 included and our commitment to providing excellent service – will make our residential and offset mortgage ranges even more attractive for both brokers and their clients.”