Somo reduce rates across all products with immediate effect
As part of its continued commitment to helping secure business for its broker clients, specialist lending firm Somo Bridging has reduced all rates with immediate effect in response to falling inflation rates.
The rate reduction is across Somo’s whole product portfolio including its popular Valuation Only TM and market leading Second Charge product.
And with days to go until Somo’s Black Friday promotion ends, it’s even better news for brokers as there’s an impressive 90% refund on valuation costs until Friday 24 November. Black Friday is Somo’s most popular deal of the year; last year’s one-day-only Black Friday event resulted in a 400% increase in deals locked in and Somo expects this year to be an even bigger success thanks to the extended run time of the promotion.
Jade Keval, sales director at Somo says: “We’re always looking for ways to help our broker community complete deals and hope this rate reduction, which is effective immediately, will do just that. In a year when the cost-of-living crisis has hit harder than ever and with Christmas just around the corner, we expect a cut in interest rates will be well received by borrowers.
“The rate reduction is across all our portfolio including Second Charge, which makes up over 50 per cent of our current lending thanks to our favourable terms which allows us to lend to almost any borrower profile, circumstance or scenario.
“Savvy brokers that lock in a deal over the next few days will benefit from our reduced rates and our Black Friday promotion, bringing massive savings to clients. What’s not to love?”