The offer promised to pay up to £2,000 in lender legal fees if brokers or borrowers ‘locked in’ a deal by the end of the month.
As a result, the finance provider saw a “significant increase” in enquiries, locking in 85% more deals in February, and covering over £100,000 of borrowers’ legal fees — four times the amount it provided in last year’s promotion.
Somo’s sales director, Jade Keval (pictured above), said: “When we launched this promotion, we hoped to replicate the success of last year’s, but we’ve smashed our target with the number of lock-ins achieved.
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“Free legals has been a great incentive for brokers to get deals over the line, so our feet didn’t touch the ground last month.
“Aside from savings for the borrower, deals like this help drive business for brokers and create a point of difference when choosing one lender over another.”
Gareth Davies, associate at Y3S Bridging and Commercial, commented: “The Somo free legals offer was an absolute home run for us brokers.
“It was only a few months ago that we had the valuation refunds, so to now have the free legals so soon after makes it an easy decision when placing a deal.
“The guys at Somo run the deals with common sense in mind and we’ve had a great start to 2023 with them.”
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