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Openwork mortgage completions pass £8bn by Q3-end

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  • 01/11/2016
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Openwork mortgage completions pass £8bn by Q3-end
Mortgage completions at adviser network Openwork reached £8.2bn from the period quarter one to the end of Q3 2016, outstripping the £6.4bn recorded the equivalent period last year.

Mortgage director John Cupis (pictured) said the firm was “optimistic” it would outstrip its 2016 lending target of £10bn. In May, the firm revealed that it intended to write more than £10bn of mortgage business during 2016 following a lending surge.

This year, more than 360 advisers have joined Openwork bringing the total membership to almost 3,100 advisers. It said growth has been driven by a combination of new advisory businesses such as Just Mortgages, the financial advisory business of Spicerhaart, which left Legal and General to join the network in January, and existing firms expanding their adviser numbers.

Openwork has made a number of additions to its lender panel this year with Tesco Bank, Fleet Mortgages, Danske Bank, Kent Reliance and Hodge Lifetime all joining. In addition, the firm appointed Stephen Wildgoose as recruitment and growth director in October, to report to Cupis.

Cupis said: “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”.

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