Halifax has revealed a mortgage prize draw which will take place in January 2021.

The 10 winners will have their entire mortgage paid off.

In addition, the lender will be giving 150 winners a £1,000 cash prize.

House prices rise by 7.6% year-on-year

The prize draw has been running on a monthly basis since May 2020, with one winner’s mortgage paid off in each draw and 100 cash prizes of £1,000.

Halifax outlined that the draw occurs during the first five working days of the month.

The requirements to qualify for the draw include being registered for online banking, registering to take part and have a Halifax mortgage on their home in England, Wales or Scotland.

In addition, in order to qualify customers must hold an existing Halifax or Bank of Scotland personal retail current account and have paid at least £1,500 into it the month before the draw.

A customer must hold more than one eligible mortgage account and Halifax will pay off the one with the highest balance, up to £300,000.

Customers will not be eligible for the draw if the property is or will be let to tenants, the mortgage is part of the lender’s Deedstore Scheme or if the mortgage is in arrears.

Those who have registered for previous draws and meet the entry criteria will automatically be included.

Russell Galley, managing director of Halifax, said: “We’re constantly looking at more ways in which we can reward our customers who rely on us at some of the biggest moments in their lives like buying a home – often the biggest financial commitment people will make.

“We know that winter can be a particularly expensive time, and this year – more than ever – winning this prize could be truly life-changing.

“We’re proud to be able to give 10 winners this kind of boost at the start of 2021.”