Openwork hits £8bn of lending as it outstrips strong 2015 performance
Openwork has delivered more than £8bn in mortgage completions up to the end of Qtr 3, as the network continues to boost its growing adviser base and expand its strong lender panel.
Openwork’s performance follows a compound annual growth rate of more than 25% in each of the last three years.
Openwork has welcomed more than 360 new advisers into the network in 2016. Growth has been driven by a combination of new advisory businesses such as Just Mortgages, the financial advisory business of Spicerhaart, and existing firms expanding their adviser numbers.
Openwork, which now has almost 3,100 advisers across the group, has also significantly enhanced its lender panel this year having added providers including Tesco Bank, Fleet Mortgages, Danske Bank, Kent Reliance and Hodge Lifetime.
In October, the network announced it had appointed Stephen Wildgoose as Recruitment and Growth Director, reporting to Openwork’s Mortgage Director John Cupis who joined the business in February.
John Cupis says: “It is extremely gratifying that lending has been so strong this year, particularly as it represents a significant uplift on 2015. We have a very strong pipeline of new advisers planning to join Openwork which is testament to our stable and supportive environment for firms looking to serve more customers.
Openwork is growing, is profitable, and is uniquely majority owned by our advisers themselves. With many weeks left before the end of the year, we are optimistic that we will continue to drive strong lending flows and significantly exceed our 2016 target of £10bn”.