Openwork sets £10bn mortgage lending target

Openwork sets £10bn mortgage lending target

Openwork is expecting to exceed £10bn of mortgage lending this year, after posting its best annual lending figures since 2009.

The network saw mortgage lending soar to £9.1bn in 2015 from £7.4bn in 2014, an increase of 23 per cent.

This represents its best lending performance for six years.

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Openwork expects to surpass £10bn of lending in 2016, partly through organic growth and partly through Just Mortgages, the financial advisory business of Spicerhaart, which is joining the network from L&G next month.

Just Mortgages, which will become Openwork’s largest mortgage-focused AR firm with 130 advisers, currently serves Spicerhaart clients across estate agencies including Haart, Darlows, Felicity J Lord, Haybrook and Chewton Rose.

Paul Shearman, mortgage and protection proposition director of Openwork, said: “Last year 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.”

Adviser view

Alan Lakey, adviser at Highclere, said: “Mortgage activity has been buoyant over the last 12 months with every indication, subject to Budget ravages, that it will continue.

“I imagine that Openworks target is realistic and achievable.”