Cheltenham & Gloucester has launched a range of discount rate and cashback mortgages.
For loans up to 90 per cent loan to value C&G is offering a 5 per cent cashback through its cash gift mortgage this is subject to a mum of £12,500.
For loans up to 95 per cent LTV the cash gift is restricted to 3 per cent and a maximum of £6,000. The interest rate on both is C&G's standard variable rate, currently 6.85 per cent.
The cashback is repayable in full if the loan is redeemed in the first five years.
It is also offering a two year stepped discount with the SVR discounted by 2 per cent in year one and 1 per cent in year two. Alternatively there is a 1 per cent discount for three years.
There is redemption penalty of six months' interest in the first five years.
There is an administration charge of £199.
Procuration fees are not available, but C&G will give IFAs 1,000 free air miles for loans over £25,000 up to 90 per cent LTV and 2,000 air miles for loans over £100,000 up to 90 per cent LTV.
Additionally a250 air miles will be given for the sale of C&G's mortgage payment protection insurance or buildings and contents insurance.