Somo has launched Somo Prime, enhancing its first charge lending services with rates starting at 0.89% and loan-to-value (LTV) ratios up to 75%, catering specifically to prime borrowers.
Somo now aims to strengthen its first charge offerings, focusing on borrowers with clean credit, steady income, and assets in prime locations.
The product features no lender legal fees until completion, a ‘no completion, no fee’ guarantee, and direct access to an underwriter from the start.
Somo promised that the lending process is paperless until completion, with one-hour offers and an 18-point checklist required for an offer.
Jade Keval (pictured), sales director at Somo, said: “We’ve made our name in second charge lending, but brokers have consistently asked us to bring that same competitive edge to first charge loans.
“While we’ve always offered first charge lending, Somo Prime is our way of raising the bar – giving brokers a stronger, more compelling solution for their prime clients.
“Now, we’re setting our sights on being the go-to lender for both first and second charge bridging.”
Keval added: “We know that brokers have been looking for a lender that combines competitive pricing with a straightforward process for their prime clients.
“Somo Prime does exactly that – giving brokers a fresh, compelling option for first charge lending while maintaining the exceptional service standards we’re known for.
“This is a Prime product for Prime clients and we’re very confident our rates reflect that.”
Anthony Wright of Always Wright Mortgages Limited said: “It’s great to see Somo enhancing its first charge offering with Somo Prime.
“They’ve already built a strong reputation in second charge lending and this improved product gives us an even more competitive option for our cleaner cases.
“The genuinely nice team, service and reliability we expect from Somo make this a fantastic addition to the market.”
