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Openwork sets £10bn lending goal for 2016

  • 07/03/2016
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Openwork sets £10bn lending goal for 2016
Openwork is targeting more than £10bn in mortgage lending this year after posting £9.1bn for 2015, an increase of 23% on 2014.

The network’s 2015 result is up from £7.4bn in 2014 and the best lending performance recorded by the group in six years.

Openwork expects to achieve its £10bn target through natural growth and partly through Just Mortgages, the financial advisory business of Spicerhaart which is moving over to the network from Legal and General next month.

Just Mortgages, which currently serves Spicerhaart clients across a number of estate agencies, will become Openwork’s largest mortgage-focused appointed representative firm, adding 130 advisers to the network.

Paul Shearman, Openwork’s mortgage and protection proposition director, said: “2015 was a fantastic year for mortgage lending at Openwork and our best annual performance since the crash. To have exceeded £9bn of lending – a substantial year-on-year uplift – is a significant achievement and testament to both our advisers and the quality of our market-leading proposition.

“With this year shaping up to be an even better one, particularly with Just Mortgages about to join the network, we fully expect to have surpassed £10bn of lending by the end of 2016.”

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