The network said the panel’s expansion is designed to meet growing demand across the mortgage market due to changes and increasing complexity in residential and buy-to-let property markets. It explained that the recent pandemic meant that lenders were dealing with clients who had more complicated income and employment histories and credit issues.
Paul Shearman, proposition director for mortgages and protection at Openwork, said that the four new lenders were “fantastic additions” and would “help even more clients in the changing mortgage market”.
He added that the panel offered the best support from across the industry and its direct panel relationships accounted for 96 per cent of all mortgage lending in the UK.
Foundation is an intermediary-only mortgage specialist for owner-occupiers with more complex needs and buy-to-let mortgages for portfolio and non-portfolio landlords, limited companies and individuals, expats, and short-term lets.
George Gee, commercial director of Foundation Home Loans, said it was “delighted” to have been added to the panel and it looked forward to working with brokers and supporting the network’s growth in specialist residential and buy-to-let sectors.
Landbay focuses on buy-to-let for first-time landlords, limited companies and a wide range of property types.
Paul Brett, managing director for intermediaries at Landbay, said it was looking forward to providing market-leading products, such as its green mortgages for new builds, to Openwork’s appointed representatives.
Pepper Money offers residential and buy-to-let products, and caters to customers with complex income, self-employed, short credit histories and previous financial blips or adverse credit.
Paul Adams, sales director at Pepper Money, said that joining the panel would help the firm bring its individually underwritten mortgages to a broader group of clients, including the self-employed and those with complicated income, short credit histories or previous financial blips.
The fourth new member is Vida Homeloans, which offers residential and buy-to-let loans for clients with impaired and improving credit. It also supports specialist properties including former local authority houses, flats, and properties above commercial premises.
Richard Tugwell, Vida’s director of mortgage distribution, said that Openwork was a “respected player in the market”, and it was pleased to offer its advisers more options for clients with complex financial needs.
After a period of rebranding and expansion, Openwork currently includes more than 4,300 financial advisers across the UK. It was founded in 2005 and its mortgage division operates a panel of 39 lenders, including the recent additions.