Capricorn signs five-year extension with Openwork

Capricorn signs five-year extension with Openwork

Openwork has signed Capricorn Financial, its largest appointed representative by mortgage applications during this year-to-date, to the network for another five years.

The firm became an AR in 2006 and currently has 32 advisers working across four London offices, with plans to expand to 60 advisers by 2019. Over the same time period, Capricorn is aiming to triple its mortgage completions from £1bn to £3bn.

The agreement follows Openwork’s announcement earlier this month of a dedicated mortgage service being set up for high net worth clients via the broker’s large loan team, Capricorn Private Clients.

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John Cupis, mortgage director at Openwork, said: “Capricorn has been with us for a decade now and we believe this new agreement speaks volumes about the strength of the Openwork proposition and our modern approach to the mortgage market.”

Capricorn Financial’s chief executive Conor Murphy, added: “The network is a perfect fit for our business and we look forward to further developing and strengthening our long-standing relationship as we seek to achieve our ambitious plans for growth over the coming years.”

While Capricorn is growing the fastest, Just Mortgages Direct’s move to the network in April made it the largest mortgage-focused appointed representative with Openwork.

The previous month, Openwork set a target of exceeding £10bn of mortgage lending this year, after posting its strongest annual lending figures since 2009, with lending up 23 per cent to £9.1bn in 2015, from £7.4bn in 2014.