Loughborough Building Society has launched a new mortgage product that features £1,000 cashback.

The three-year discount is available at up to 85 per cent LTV and an initial rate of 3.39 per cent.

The maximum loan is set at £500,000 and early repayment charges apply.

Loughborough business development manager Ashley Pearson says: “I like to think we offer sound mortgage solutions for people with a range of different circumstances.

“Many borrowers need a little boost to their cash flow at the moment and this new product can be used for both purchase and remortgage”.

Last month, Loughborough announced its new broker mortgage application portal, which allows advisors to create a European standard information sheet, produce a decision in principle and complete a mortgage application from the society’s intermediary webpage.