SoMo free legals deal takes on over £50,000 in fees

The lender launched the deal in March with the lender paying up to £2,000 towards legal fees if brokers secure a deal by 4 April.

SoMo’s managing director Jamie Jolly (pictured) said that it had proven to be “really successful initiative” and had led to the lender’s “best ever month”.

He added: “We designed the deal to enable brokers to provide borrowers with a motivating and real incentive, and given the cost-of-living squeeze, it’s little wonder it’s gone down a storm.

“We’ve committed over £50,000 and expect this to rise significantly in the next week as the initiative is really helping brokers get deals over the line. Feedback has been amazing, with one broker telling us their client has been able to use their legal fees savings to cover a much-needed holiday.”

He added that with the deal SoMo doesn’t ask for legal fees up front so if borrowers don’t complete, they would get £2,000 back.

Along with the “lock-in” deal, SoMo family members will be entered into a prize draw to win, for themselves, the cost of legal fees being paid to their borrower.