Somo reduces rates across all products with immediate effect

Specialist lending firm, Somo Bridging, has reduced all rates with immediate effect in response to falling inflation rates.

The rate reduction is across Somo’s whole product portfolio including its popular Valuation Only and Second Charge product.

In addition, Somo’s ongoing Black Friday promotion means that the lender is currently offering a 90% refund on valuation costs until Friday 24th November.

Jade Keval (pictured), sales director at Somo, said: “We’re always looking for ways to help our broker community complete deals and hope this rate reduction, which is effective immediately, will do just that.

“In a year when the cost-of-living crisis has hit harder than ever and with Christmas just around the corner, we expect a cut in interest rates will be well received by borrowers.”

She added: “The rate reduction is across all our portfolio including Second Charge, which makes up over 50% of our current lending thanks to our favourable terms which allows us to lend to almost any borrower profile, circumstance or scenario.

“Savvy brokers that lock in a deal over the next few days will benefit from our reduced rates and our Black Friday promotion, bringing massive savings to clients. What’s not to love?”