SoMo | Bridging has announced it is offering borrowers a reduced lock-in fee from £350 to £99 in an exclusive end of summer sale. 

The discounted fee is available to borrowers between 22 August and 31 August.

SoMo sales director Jade Keval says: “With interest rates rising in the past and coming months, we wanted to support brokers with an exclusive flash sale that could help clients move forward with borrowers who are becoming a little more cautious.”

“During our August Bank Holiday sale, we’re reducing our lock-in fee for borrowers to secure their offer with SoMo, for just £99. We hope it will provide an incentive for borrowers and brokers alike, but they must lock-in quickly as this offer is for a limited time only.”

Interest rates have recently been increased to 1.75% to help tackle inflationary pressures that are gaining a foothold in the UK economy.

“As expected, we’re following the Bank of England interest rates and the responses of mortgage lenders very closely. With an uncertain outlook, we want to do what we can to keep the market as buoyant as possible for as long as possible,” Keval adds.