Calling it an end-of-summer sale, SoMo said the discount would help brokers secure deals before the August bank holiday.
SoMo sales director Jade Keval (pictured) said: “With interest rates rising in the past and coming months, we wanted to support brokers with an exclusive flash sale that could help clients move forward with borrowers who are becoming a little more cautious.”
“We hope it will provide an incentive for borrowers and brokers alike, but they must lock-in quickly as this offer is for a limited time only”, she added.
Keval continued: “As expected, we’re following the Bank of England interest rates and the responses of mortgage lenders very closely. With an uncertain outlook, we want to do what we can to keep the market as buoyant as possible for as long as possible.”
The central bank raised its base interest rate to 1.75 percent earlier this month in an effort to stem inflation and cool the cost-of-living crisis. The next meeting of the bank’s Monetary Policy Committee is scheduled for 15 September when another increase is possible.
