Remortgage customers switching to Lloyds Bank will now receive £500 cashback towards any costs they might incur as a result of moving their mortgage.

Remortgage customers applying for a mortgage between 5 January and 1 March 2015 can also benefit from Lloyds’ dedicated switching service.

The Lloyds Bank Switcher Service offers customers a dedicated mortgage adviser and no charge for the valuation and basic legal fees.

Andy Hulme, mortgages director at Lloyds Bank, said: “Many people could save money by remortgaging but some may be put off by the initial costs involved. This latest offer helps by providing £500 towards any costs customers might incur by moving their mortgage.

“In addition, our popular mortgage Switcher Service tries to make switching to Lloyds Bank as easy as possible. Our customers receive a dedicated mortgage advisor and no charge for the valuation and basic legal costs, which is another example of our commitment to help those already on the property ladder.”

Lloyds Bank is also rewarding customer loyalty by offering exclusive access to rates on a range of products, including mortgages. Any customer with a Club Lloyds current account can receive a mortgage rate reduction of 0.20 percentage points.