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

The offering is an 85% 3-year discount product with a pay rate of 3.39%.

The offering includes a free standard valuation and ERCs throughout the term.

Ashley Pearson, business development manager at The Loughborough, said: “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.”

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