The promo will apply to both serviced and retained loans
Specialist lender Somo Bridging announced a rerun of its summer saving deal – an exclusive one-month, interest-free deal to run throughout May this year.
The month-long initiative will see Somo Bridging treating borrowers to their first month free of interest. The discount will apply to both serviced and retained loans, it clarified.
“At Somo, we like to do things differently, and this one-month, free interest offer is unique in the lending world,” said Somo Bridging sales director Jade Keval (pictured). “It’s part of an ongoing mission to help brokers get deals through and keep their clients happy, so they keep coming back. We hope they’ll take full advantage of this limited time offer and get in touch about the deals they’re currently working on.”
Brokers are encouraged to ‘lock-in’ a deal with the specialist lender in the coming month.
“That would mean, when borrowing £100,000, clients receive up to £1,000 back upon their final repayment – a reward for the custom of our valued brokers, and Somo directly, this month,” Somo said in its summer saving promotional page.
“We work closely with our brokers and fully understand the broker–borrower relationship, which is why we’ll continue to provide incentives such as this one to benefit both parties,” said head of underwriting Rob Johnson “Borrowers won’t only gain from a brilliant deal but also our range of innovative products and first-class customer service.”
When Somo launched the ‘one month interest free’ promotion back in 2022, brokers immediately jumped on the deal and contributed to a 40% spike in Somo’s committed business as a result.
“We saw a lot of uptake when we launched this initiative last year,” Keval said. “The cost of living has only got worse. Savings like this are likely to be very attractive to borrowers, so we expect to have a busy May that benefits both borrowers and brokers alike.”
Somo’s ‘one month interest free’ promotion is just part of a string of initiatives the firm has launched to support brokers. Somo Bridging previously launched the Free Legals initiative, by which the firm shouldered up to £2000 of the lender legal fees, bank holiday flash sales, as well as a Black Friday promotion that gave borrowers a 90% refund on valuation costs.
