Swindon firm hits new mortgage record

By Barrie Hudson - 12 May 2021

Business

The Openwork Partnership achieved a record £5.7bn in mortgage completions in the first quarter as recruitment success helped to drive expansion.

Strong demand driven by the Stamp Duty holiday on homes worth up to £500,000 supported the increase in completions, but the Swindon firm says its recruitment drive among mortgage advisers provided further impetus.

Some 245 mortgage and protection qualified advisers joined the network in the first three months of the year and a further 46 appointed representative firms - and 337 advisers are in the application pipeline.

John Cupis, Managing Director, Mortgages and Protection, at The Openwork Partnership, said: “The record first quarter for mortgage completions puts us on course for another strong year with the Stamp Duty holiday and Mortgage Guarantee Scheme providing a boost for business. 

“The mortgage business at The Openwork Partnership is really benefiting from the growth in recruitment and the addition of new firms and advisers who are helping to drive expansion.”

New firms joining have included Andrews Property Group, which helped to take the total number of mortgage and protection advisers to more than 2,500. 

Mortgage advisers at Andrews and other firms are also being supported to move into wealth advice.

The record first quarter for mortgage completions follows a three percent rise in total mortgage completions to £19bn last year, despite the purchase market being shut for two months by the pandemic. The last three months of 2020 were particularly strong, and up 30 percent year-on-year.

Stephen Wildgoose, Recruitment and Growth Director at The Openwork Partnership, said: “Our recruitment results in 2020 and moving into 2021 have been incredibly strong.  

"In an ever-changing landscape professional advisers who have an appetite to grow their business, expand their qualifications and broaden their offering to clients are increasingly turning to The Openwork Partnership.  

“We pride ourselves in providing market-leading support, our own unique systems along with a positive and progressive environment in which newly-appointed representative firms and advisers can thrive.  

"This is reflected in The Openwork Partnership recruiting the highest level of Appointed Representatives and advisers in 2020 and quarter one 2021 since 2009."

The Openwork Partnership has more than 4,300 financial advisers across the UK and operates as a directly authorised, multi-panel distribution network. 

Its new website - www.theopenworkpartnership.com - includes an interactive map enabling more clients to access support from the network.

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