SoMo launches Bank Holiday sale with reduced lock-in fee

To help brokers secure more deals, SoMo is reducing its lock-in fee to just £99 if borrowers pay the discounted fee between Monday 22 August and Wednesday 31 August.

Jade Keval, sales director at SoMo, said: “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.

“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.

“As expected, we’re following the Bank of England interest rates and the responses of mortgage lenders very closely. With an uncertain outlook, we want to do what we can to keep the market as buoyant as possible 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; 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.”