Somo, the award-winning specialist bridging lender, has announced significant rate reductions across it's product range, cutting First Charge rates to 0.69% with up to 75% LTV on the OMV and Second Charge now from 0.85% with LTVs up to 70% LTV on the OMV.
The rate reductions come as the UK bridging market continues to gather momentum. According to the latest figures from the Bridging & Development Lenders Association (BDLA), Q1 2025 bridging completions reached £2.8 billion, matching the record high from Q4 2024 — an exceptional result for a typically quieter quarter. In the same period, new loan applications surged by 55.3% to £18.34 billion, while the total value of lender loan books rose to nearly £13 billion (BDLA, 2025).
Commenting on the announcement, Jade Keval, Sales Director at Somo, said:
“Bridging is growing at pace, but speed, certainty and flexibility still rule. We’ve sharpened our pricing to remain ahead of the curve and paired it with features brokers tell us they really need."
Other product highlights include:
- Fast and Flexible Lending
- Any Business Purpose.
- Flexible Products. Somo caters to all client circumstances.
- No Lender Legal Fees until completion.
- No application forms. Just a simple 18-point checklist required to provide an offer - within an hour
- True Specialist Features
- Specialist Second Charge Team. The market leaders with dedicated in-house consent department.
- Equitable Charge Loans. Somo offers lending even when consent has been refused by the first charge lender.
- Somo will lend against a director's residence in their personal name.
- 360Promise. Somo looks at every loan independently and from every angle to find a way to say yes.
Categories: Broker News, Borrower News
