Specialist lender Somo has announced the return of its August promotion, offering 90% off valuation fees on all bridging deals locked in between 1 and 29 August.
The promotion, first launched last year, proved highly successful and led to a 54% increase in locked-in deals, with Somo contributing over £126,000 towards borrowers’ valuation costs.
In a bid to build on that momentum, this summer’s campaign comes with an added incentive for brokers: a free beer to toast both the savings and the lender’s expanded product offering.
The offer coincides with Somo’s recently reduced rates across its range. First charge bridging loans now start at 0.69% per month at up to 75% loan to value based on open market value, while second charge loans are available from 0.85% with a maximum LTV of 70%.
Jade Keval, sales director at Somo, said: “Last year, our 90% off valuations promotion was a huge hit with brokers, enabling deals closed and giving borrowers substantial savings on a cost they can’t avoid.
“This August, we’re bringing it back, and we’re aiming to go even bigger – with free beers to celebrate our pricing cuts, our proven success, and the exciting summer we’ve had so far here at Somo.
“With up to £3,000 in valuation fees covered, we’re expecting another exceptional response – and we can’t wait to see how it unfolds.”
The campaign lands at a time of sustained growth in the UK bridging sector. According to the Bridging & Development Lenders Association, total completions in the first quarter of 2025 reached £2.8 billion – equal to the record figure seen in Q4 2024. New loan applications also climbed sharply, up by 55.3% compared with the previous quarter.
