All first-time buyers completing on mortgages at 90% or 95% loan to values (LTVs) will be eligible for the extra cashback, which will be applied on top of all other existing incentives for the specific mortgage they choose.

For example, under the new offer, a first-time buyer who took out a 2.89% two-year fixed rate with a 90% deposit, which has a £0 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.

Brendan Gilligan, mortgage product manager for Yorkshire Building Society, said: “We know that while buying your first home is an extremely exciting, landmark event for many first-time buyers, it can also be hard on their bank balances. We understand all of our borrowers are individuals and want to help them in the way which is most appropriate for them.

“Giving first-time buyers an extra £500 cashback when they complete on their mortgage gives them a little extra money to use in whatever way will benefit them most – for example, putting it towards their moving costs, using it to buy furniture or even saving it for a rainy day.”