SoMo introduces half-price valuations until end of July

SoMo is now offering half-price valuatins to both new and existing brokers and their borrowers.

The lender will be running the offer until midnight on 31st July, with 50% of the valuation fee to be redeemed on completion of the loan, at a maximum of up to £5,000.

Based on average residential valuations, SoMo expects a typical saving of £1,500 for borrowers.

The offer can be used across its bridging products — including its low-rate and valuation-only offerings — and for all types of borrowers, including limited companies, expats, self-employed, and those with credit blips.

It is subject to the company’s standard criteria.

“We’re continually improving our products and service and looking for ways to make borrowing, and lives, easier,” said Louis Alexander, CEO at SoMo (pictured above).

“We do not charge solicitors fees upfront — as such, the valuation is the only large fee that is payable upfront and now we’ve even halved that.

“This is to help out brokers and borrowers access much needed finance as easily as possible. 

“We’re thinking of this as a thank you; we are here to help. 

“Our brokers and borrowers are at the heart of everything we do and we want to reward them for working with us over the last 18 months.”

In April, the finance provider launched an exclusive new member initiative, SoMo family, accessible by invitation for people with experience in bridging. 

SoMo revealed it has since seen a “massive increase” in repeat business, now at 85%.

Its conversion rates (from lock in to deal) have also grown to 50%.

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