The lender has offered to pay up to £2,000 legal fees per borrower where brokers are able to ‘lock-in’ a deal by midnight on Monday 4 April.
SoMo said the deal had been designed to enable brokers to provide borrowers with an incentive, which would be a welcome saving at a time when they were experiencing huge price rises across fuel, food, energy and the general cost of living.
In addition to the deal, SoMo’s 51 broker members have the added bonus of being entered into a prize draw to win, for themselves, the cost of the legal fees being paid to their client.
Jamie Jolly (pictured), managing director at SoMo, said: “As SoMo doesn’t ask for legal fees upfront, it’s a win-win situation. If borrowers don’t complete, they’ll never have to put their hands in their pockets for legals and if they do, they’ll get up to £2,000 back – what’s not to love?”
Jolly added: “We work closely with our brokers and fully understand the broker-borrower relationship, which is why we’ll continue to provide incentives that get deals over the line. Borrowers won’t only benefit from a brilliant deal but also our range of innovative products and first-class customer service.”