SoMo to lock in rates through fourth quarter amid ongoing interest hikes
“We intend to keep our current low rates for all new business in the next quarter, so they can move forward with confidence.”
Interest rates are now at their highest level since 2009 and several street mortgage lenders have raised their rates. However, SoMo has now promised to honor all tariffs locked in from July to September.
Jade Keval, Director of Sales at SoMo, commented: “Interest rates are rising, the Bank of England has also raised its forecast for peak inflation this year to just over 11%, with the FTSE 100 continuing to fluctuate and the war in Ukraine impacting the chains. global supply and energy costs.
“We are in the midst of a cost of living crisis and many commentators are predicting that the UK will enter a recession. It’s a worrying time with a lot of uncertainty, but what we do know is that brokers should expect most lenders to become risk averse over the next few months, which means bulls rates and lower underwriting rates.
“SoMo understands that in these uncertain times, people appreciate warranties. So we want brokers to know that we intend to keep our current low rates on all new business in the next quarter, so they can move forward with confidence.
“As a solution-focused lender, we want to reassure our broker community of our commitment to finding ways to secure their transactions. Unlike many other lenders, we will offer a Second Charge loan for any business purpose, which means we are here to help businesses in need during these difficult times.