It seeks to help brokers secure deals with a reduced lock-in fee for a limited time
Specialist lender SoMo is offering borrowers a discounted lock-in fee in an exclusive end-of-summer sale.
SoMo said it is reducing the fee from £350 to just £99 if borrowers pay the discounted fee from August 22 until the end of the month.
“With interest rates rising in the past and coming months, we wanted to support brokers with an exclusive flash sale that could help clients move forward with borrowers who are becoming a little more cautious,” Jade Keval (pictured), sales director at SoMo, said. “During our August Bank Holiday sale, we’re reducing our lock-in fee for borrowers to secure their offer with SoMo, for just £99.
“We hope it will provide an incentive for borrowers and brokers alike, but they must lock-in quickly as this offer is for a limited time only.”
Read more: SoMo vows not to up rates despite interest hikes
Keval added that with the economy’s uncertain outlook, SoMo wants to do its part to keep the market as buoyant as possible and for as long as possible.
“We’ve always been known as a solutions-based lender, and we’ll continue to find ways to support our broker community,” she said. “Our summer sale is just one of the ways.
“The Bank of England believes it needs to act forcefully to tackle inflationary pressures, so it’s a good time to remind our broker network that we offer second charge loans for any business purpose to help their borrowers through the potentially challenging times ahead.”
