Somo to offer interest-free deal in February

The promotion gives borrowers the first month of their loan interest free. This discount will apply to both retained and serviced loans and there is no maximum saving. 

This will be available to applications submitted between 5 and 29 February where the lock-in and valuation fees have been paid by midnight on the final date of the offer. 

Appointed representatives that are partnered with Somo will gain exclusive access to the offer from 1 February. 

When the lender held a similar promotion in 2023, it surpassed its previous record for monthly deals by 12 per cent and saw 11 per cent more completions. A similar incentive in 2022 resulted in a 40 per cent rise in business during the promotional month.  

Jade Keval (pictured), sales director at Somo, said: “One month interest-free is our most hotly-anticipated promotion of the year, and we expect it will perform really well again. Last year, Somo capped the saving at one per cent, but this year there is no maximum refund, so we encourage brokers to fill their boots throughout February and see how much they can save for their borrowers. 

“Promotions such as these are a way to make bridging simple and attractive to borrowers and brokers. We pride ourselves on offering flexible products for any business purpose. As we end January 2024, we continue to ask ‘why make bridging difficult?’ And our promotions are just one of the ways that we’re delivering against that.”