The Swindon-headquartered company will now work with five new lenders on its panel to introduce a range of lump sum and drawdown lifetime propositions.
Openwork said that the panel lenders – Aviva, Canada Life, Hodge, Legal & General, LV= and More 2 Life – had been selected for “their track record” of offering “competitive products” for consumers backed by impressive customer service.
John Cupis, mortgage director at Openwork, said: “The future for lifetime mortgage advice will include all events surrounding the lives of clients, who may also have other income or significant pensions that should be considered to ensure the best outcomes.
These lifetime mortgages will gradually be introduced on a pilot basis ahead of an expected full launch to all qualified advisers early next year.
The new partnerships will build on the test of Openwork’s monthly income drawdown lifetime mortgage, launched in partnership in conjunction with Canada Life in January.
“Expanding our equity release proposition means advisers can offer their clients truly holistic advice over the long-term alongside support with affordability-based mortgages as well as pensions and investments,” Cupis added.
Openwork has more than 3,900 financial advisers operating across the UK. It operates as a “directly authorised, multi-panel distribution network”.
In June, Openwork appointed Michael Cauchois to the post of regional recruitment manager for the south to accelerate its growth in the mortgage and protection market. Cauchois joined from Intrinsic and was previously business development manager at Huddersfield-based Sandringham Financial partners.