The cashback applies across a selection of five-year fixed rate products for single self-contained properties as well as houses in multiple occupation and multi unit blocks.

The range includes both percentage fee and fee free options, alongside free valuation, with the cashback paid on completion.

Products are available for both purchase and remortgage with different pricing options across the different loan-to-value (LTV) bands.

Paragon Bank mortgage product manager James Harrison says: “We’ve seen consistently strong demand for cashback products, particularly within our two-year fixed range where £500 options have been well received by brokers and their landlord clients.”

“Extending this across a broader selection of five-year fixed products, and increasing the amount to £1,000, reflects that feedback. It also comes at a point where landlords are often managing a number of costs around a transaction, from legal fees through to property improvements, and the cashback can help to offset some of that outlay at completion.”