Somo is strengthening its first charge proposition with the launch of Somo Prime, designed exclusively for prime borrowers with rates from 0.89% and LTVs up to 75%.
The lender, known for its second charge offering, has always provided first charge lending but Somo says its new Prime range is a "major step forward" in its first charge offering.
The new product range caters to borrowers with clean credit files, proven income, a reliable and evidenced exit strategy and security assets in prime locations.
The Prime range also offers no lender legal fees until completion and a 'no completion, no fee' guarantee, direct access to an underwriter from the day a case 'locks in', plus the loan is based on the property’s open market value, not 180 or 90-day values.
Somo also promises that the loan process is entirely paperless until completion, with one hour offers and a simple 18-point checklist required for Somo to provide an offer.
Jade Keval (pictured), sales director at Somo, commented: “We’ve made our name in second charge lending, but brokers have consistently asked us to bring that same competitive edge to first charge loans. While we’ve always offered first charge lending, Somo Prime is our way of raising the bar - giving brokers a stronger, more compelling solution for their prime clients. Now, we’re setting our sights on being the go-to lender for both first and second charge bridging!
“We know that brokers have been looking for a lender that combines competitive pricing with a straightforward process for their prime clients. Somo Prime does exactly that - giving brokers a fresh, compelling option for first charge lending while maintaining the exceptional service standards we’re known for. This is a Prime product for Prime clients and we’re very confident our rates reflect that.”
