The specialist lender Somo had offered to pay up to £2,000 of lender legal fees as an incentive for brokers and borrowers who secured a deal by the end of last month.
Somo had offered a similar promotion in March last year, paying more than £25,000 in legal fees. And in November it had offered to refund 90 per cent of a borrower’s valuation costs.
Now the company says its latest promotion helped it to lock in 85 per cent more deals in February than it normally completes in an average month, and that, as a result, it would pay more than £100,000 of borrowers’ legal fees.
Jade Keval (pictured), sales director, 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. 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.”
‘4 times last year’s amount’
“We’ve committed to covering over £100,000 in borrowers’ legal fees, four times last year’s amount, which will be a real bonus to them at a time when making savings seems more important than ever,” Keval added.
A ‘home run’
Gareth Davies from Y3S was one of the brokers using the offer.
He said: “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.”
