Somo has launched a new product for prime borrowers with rates from 0.89% and loan-to-values (LTVs) up to 75%. 

Somo Prime is for borrowers with clean credit files, proven income, a reliable and evidenced exit strategy and security assets in prime locations. 

The lender says that the new product is a “major step forward” as it aims to bring the same innovation, rates and appetite as its second charge lending products. 

Somo sales director Jade Keval says: “We’ve made our name in second charge lending, but brokers have consistently asked us to bring that same competitive edge to first charge loans.”

“While we’ve always offered first charge lending, Somo Prime is our way of raising the bar – giving brokers a stronger, more compelling solution for their prime clients. Now, we’re setting our sights on being the go-to lender for both first and second charge bridging!”