SoMo launches one-month interest free deal for June

As part of the deal, customers will get their first month interest free and it will apply to both serviced and retained loans.

Interest rates at the firm start from 0.49 per cent per month and go up to 0.99 per cent at higher loan to value (LTV) tiers and loan sizes.

The lender has previously offered free legals during March, which led the firm to take on £50,000 in fees.

SoMo’s head of marketing Daniela Gallucci (pictured) said: “We believe this borrower-focussed initiative is the first of its kind in the lending world and we hope our broker partners will be excited as we are to speak to clients about it.

She added that it was always looking for ways to give back to brokers and clients, especially given the current financial climate and this was a way to say thank you for their business.

“At SoMo we make it our mission to find better ways to lend and support broker partners but just like our great British summer, this one won’t last forever, so we’re encouraging brokers to act quickly and contact us about any and all deals currently on their desks,” Galluci said.