Halifax is offering first-time homebuyers one year's free no claims bonus on its household insurance products.

The discount is worth 10% and applies to both buildings and contents cover.

Homebuyers who remain with the Halifax at renewal can continue to benefit from the 10% discount for another 12 months, providing they have not made a claim.

Halifax head of general insurance, Simon Stevens, outlined its reasons for the introductory discount.

"Setting up home for the first time is not cheap. This offer will help first-time buyers to reduce their monthly outgoings and give them peace of mind knowing they are insured."

Halifax is the largest introducer of household insurance through its branch network.

Sales of its household policies increased by 20% last year and it has 2.5m policyholders. It stressed that it did not sell any mortgage-tied insurance products.