Mortgage customers can freeze their premiums if they take out a combined building and contents policy before September 30. They will also receive £50 cashback.

“We believe consumers will appreciate the stability of home and buildings premiums for five years as well as the mortgage,” said Dennis Smith of HSBC. However, Jennifer Rose from price-comparison service Confused.com said: “Look at the catches. It is only available to mortgage customers; if you make a claim, your fixed deal will end; if you move house or renovate, your premiums go up — although the new premium will be fixed for the remaining period.”

Moneysupermarket.com’s Peter Gerrard said: “There is no point in getting £50 cashback if you can get a policy that’s £100 cheaper elsewhere.”