Somo cuts all first and second charge rates

Specialist bridging lender, Somo, has announced rate reductions across its product range.

The lender has reduced first charge rates to 0.69% with LTVs up to 75% on the OMV and second charges now start from 0.85% with LTVs up to 70% LTV. 

The rate reductions come as the UK bridging market continues to gather momentum. According to the latest figures from the Bridging & Development Lenders Association (BDLA), Q1 bridging completions reached £2.8 billion, matching the record high from Q4 2024. In the same period, new loan applications surged by 55.3% to £18.34 billion, while the total value of lender loan books rose to nearly £13 billion.

Jade Keval (pictured), sales director at Somo, said: “Bridging is growing at pace, but speed, certainty and flexibility still rule. We’ve sharpened our pricing to remain ahead of the curve and paired it with features brokers tell us they really need."