SoMo covers £50,000 of fees in free legals month

SoMo has committed to covering more than £50,000 of legal work for borrowers this month.

The peer-to-peer bridging lender has been running a “free legals” month for borrowers throughout March.

The deal will see SoMo pay up to £2,000 in legal fees if brokers can lock in a deal by midnight on 4 April.

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“This is proving to be a really successful initiative that could even lead to SoMo’s best ever month,” Jamie Jolly (pictured), managing director of Somo, said.

“We designed the deal to enable brokers to provide borrowers with a motivating and real incentive, and given the cost of living squeeze, it’s little wonder it’s gone down a storm.

“We’ve committed more than £50,000 and expect this to rise significantly in the next week as the initiative is really helping brokers get deals over the line.

“Feedback has been amazing, with one broker telling us their client has been able to use their legal fees savings to cover a much-needed holiday.

“The great thing about this deal is that SoMo doesn’t ask for legal fees up front so if borrowers don’t complete, they’ll never have to put their hands in their pockets for legals and if they do, they’ll get up to £2,000 back.”

SoMo brokers are also being added into a prize draw to win the equivalent of the legal fees being paid to their borrower.

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