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Distribution update: Openwork to partner Tesco; SimplyBiz boosts panel with Bluestone

  • 08/08/2016
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Distribution update: Openwork to partner Tesco; SimplyBiz boosts panel with Bluestone
In two distribution deals, Openwork has added Tesco Bank to its lender panel and DA support services provider SimplyBiz Mortgages has joined Bluestone Mortgages' intermediary pilot.

Tesco Bank, owned by the UK’s supermarket giant, is offering its loans through Openwork’s mortgage panel after Kent Reliance joined the network’s panel, a deal confirmed last month.

Openwork, which expects to place more than £10bn of mortgage business this year, has seen lending surge almost 50% in the year-to-date against 2015.

Paul Shearman, mortgage proposition director at Openwork, said: “Not only does Tesco Bank offer a well-known and respected brand, it has invested heavily in designing its intermediary portal that addresses many of the issues that prove challenging for advisers. This, alongside a highly rated relationship management team, will mean Tesco Bank will be well received by our advisers.”

Meanwhile, SimplyBiz has joined Bluestone Mortgages’ pilot scheme bringing its self-employed, contractor, adverse and mortgages for clients with complex needs to its 3,200 directly authorised brokers.

Martin Reynolds, CEO at SimplyBiz Mortgages, said: “Bluestone Mortgages is aiming to initiate a different perspective to lending in the underserved markets with interesting criteria and a fresh approach to how it underwrites.”

Matt Andrews, managing director at Bluestone Mortgages, added: “There is currently a significant portion of the UK population unable to secure a mortgage, held back due to their employment status or because they suffered a bump in the road that has impacted their credit profile.

“We are delighted to be partnering with SimplyBiz Mortgages. We both want and look forward to working together to help close this gap in the market by providing affordable mortgage solutions that take into account an applicant’s full history and personal circumstances, looking at the person not the credit score points assessed by typical lenders.”

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