Halifax offers £500 to spend for first-time buyers, home movers and switchers

PA

Halifax is offering first-time buyers, home movers and those who remortgage from another lender £500 to spend on household appliances, garden furniture and family days out.

The lender will offer borrowers £500 to spend on its new Mortgage Gift website.

Following completion of a mortgage which qualifies for the offer, customers will be given log-in details to access the site and choose from a range of 40,000 items. They could, for example, choose something for their home such as appliances or garden furniture or opt for a family day out.

Andy Bickers, mortgages director at Halifax, said: "There are often a number of new purchases required when moving house - whether it's white goods, furniture or the things that help put your stamp on a new home."

The offer is available to eligible borrowers who complete on a qualifying mortgage before August 12.

The minimum loan amount under the deal is £25,000 and the offer excludes product transfers, further advances, buy-to-let and applications through Halifax intermediaries.

Rachel Springall, a finance expert at Moneyfacts.co.uk, said: "It's great to see Halifax offering an extra incentive for first-time buyers or home movers, as they may well be cash-strapped after ploughing their savings into a deposit or have limited funds to switch their mortgage.

"Adding cashback or gifts is another way for lenders to entice new borrowers with something a little different, and a way to compete on perks instead of the headline rate."

Ms Springall said that in general when choosing a mortgage, borrowers should weigh up the overall package rather than just focusing on any perks on their own.