SoMo launches larger loan product

SoMo has launched a specialist finance product designed to reward customers and those who take out a larger loan with preferential rates.  


Brokers taking out the new SoMo300k+ loan deal can expect rates from 0.49% and no exit fees.

They can also utilise either a reduced arrangement fee from 2% to 1.75% or a 1.5% procuration fee.

SoMo300k+ is available to individual and limited company borrowers for all types of properties, including residential, buy to let, houses in multiple occupation (HMO) and semi-commercial.

Jamie Jolly, managing director of SoMo, said: “Every product launch or change we make is based upon feedback from our many valued brokers. We’re always listening.

“Brokers are looking for lenders that aren’t shy of taking on larger loans and they want to be recogonised for bringing in bigger business.

“So we’ve launched SoMo300k+, a product specifically for loans over £300,000, providing a host of benefits and enhancements on our standard products, access to our senior people and new funding lines.

“The message to our broker community is ‘fill your boots’.”

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