Just Mortgages, the financial advice arm of the estate agency chain Spicerhaart, has just over 130 advisers. The firm was a former Appointed Representative (AR) of Legal & General which is to stop providing network services for ARs to concentrate on Directly Authorised (DA) brokers.
Openwork expects to complete over £10bn of mortgage business this year with Just Mortgages predicted to contribute 10 to 15% of those sales.
National operations director of Spicerhaart John Phillips (pictured) said: “Just Mortgages and the wider Spicerhaart Group have exciting plans for growth and we see a strong alignment to Openwork and significant opportunities for both parties to build value. We look forward to working with [CEO] Mark Duckworth and the team to ensure a smooth transistion for our advisers.”
Paul Shearman, proposition director – mortgages, protection and general insurance, at Openwork said Just Mortgages’ plans for remortgage business, services for advisers wishing to become self-employed and new build mortgages are all areas of interest to Openwork.
Shearman said Just Mortgages also had a strong presence in asset management through Spicerhaart Corporate Sales which made it a good a fit for the network.
Helping Just Mortgages develop an investment proposition for its client bank was a long-term objective for the partnership but its immediate focus was to support them with their holistic approach to mortgage, general insurance and protection sales.
As part of the move, Just Mortgages will retain a single-tie arrangement with L&G for protection, while its advisers will have full access to Openwork’s whole-of-market mortgage proposition.
Antony Lark, managing director of Just Mortgages, said his firm has been working with Openwork for over a year to set up the partnership. “We thought long and hard about the best route to take and met with a number of different networks and mortgage clubs but determined that Openwork’s network model is the best fit for our business now and into the future.”