"Last year Somo capped the saving at one per cent, but this year there is no maximum refund, so we encourage brokers to fill their boots throughout February"
- Somo’s sales director, Jade Keval
Somo Bridging is once again launching its one month interest free deal for clients of brokers that lock in a deal with the firm from 5th to 29th February 2024.
Last year Somo capped the saving at 1%, but this year is there’s no maximum saving.
As part of the month-long initiative, Somo will treat borrowers to their first month interest free and the discount will apply to both serviced and retained loans.
To qualify, brokers must pay in their lock-in and valuation fee by midnight on 29th February 2024. The first month rebate will then be paid on full repayment of the loan.
Appointed representatives within the wide range of networks that Somo is partnered with have an exclusive four-day early access to claim offer from 1st February.
The promotion was Somo’s most successful promotion in 2023, resulting in the lender surpassing its previous record for the number of deals in a month by 12% and an additional 11% completions in a month. Back in 2022 the promotion led to a 40% increase in committed business.
Somo’s sales director, Jade Keval, said: “One month interest free is our most hotly anticipated promotion of the year, and we expect it will perform really well again. Last year Somo capped the saving at one per cent, but this year there is no maximum refund, so we encourage brokers to fill their boots throughout February and see how much they can save for their borrowers.
“Promotions such as these are a way to make bridging simple and attractive to borrowers and brokers. We pride ourselves on offering flexible products for any business purpose. As we end January 2024 we continue to ask ‘why make bridging difficult?’ And our promotions are just one of the ways that we’re delivering against that.”
