Interest fee

SoMo launches holiday sale with reduced blocking fees

“With an uncertain outlook, we want to do what we can to keep the market as buoyant as possible for as long as possible.”

To help brokers close more deals, SoMo is reducing its blocking fee to just £99 if borrowers pay the reduced fee between Monday August 22nd and Wednesday August 31st.

Jade Keval, Director of Sales at SoMo, said: “With interest rates rising over 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 bit more cautious.

“At our August Bank Holiday Sale, we are reducing our blocking fee for borrowers to secure their offer with SoMo, for just £99. We hope this will provide an incentive for borrowers and brokers, but they should commit quickly as this offer is for a limited time.

“As expected, we are following the Bank of England’s 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.

“We have always been recognized as a solution-focused lender and will continue to find ways to support our broker community; our summer sales are just one way.

“The Bank of England believes it needs to act forcefully to combat inflationary pressures, so now is a good time to remind our brokerage network that we offer second charge loans for commercial purposes to help their borrowers through the potentially difficult times ahead.”