Countrywide is the UK's biggest estate agent and offers homeloans via its brokerage Countrywide Mortgage Services. It claims to be the first company in the property industry ever to offer mortgage and home insurance customers loyalty points.

The group has got together with leisure and retail firms such as Virgin Wines, Champneys and Thomas Cook.

Mortgage borrowers and customers buying buildings and contents insurance through Countrywide can exchange the loyalty points they build up for discount vouchers on flights, holidays, meals out and spa days, for example.

Taking out a mortgage through a Countrywide broker will earn you 1,000 points, while buying home insurance through them gets you 200.

You need 1,800 points to qualify for a two for one unlimited usage cinema card, 3,000 for free flights, and 5,000 can get a free holiday for a family of four.

Grenville Turner, group chief executive of Countrywide, saiys:

"Over 85% of people in the UK are involved with at least one type of reward scheme and its commonplace to collect points when grocery shopping, booking flights and purchasing petrol but Countrywide Rewards is the first of its kind in the property industry."

Critics warn that the reward scheme is not as enticing as it may appear at first glance. During the first year offerings are similar to those you download free from voucher websites, and you have to spend money in order to gain the benefit of the discounts.

A two-for one meal out will cost 500 points, and a half-price case of wine, 1000 points.

Andrew Hagger of moneynet.co.uk, warns:

“It’s essential you have the choice of products from the whole market and that your decision to purchase isn’t blurred by promotions or incentives.

“Reward points may sound tempting but if you don’t get the best mortgage rate available for your particular circumstances the financial impact could easily wipe out any reward benefits.”