The Openwork Partnership enjoyed a record spike in the number of mortgage completions that it oversaw during the first quarter of this year, with two factors being credited for this.
Openwork is stating that a combination of the holiday on paying stamp duty for homebuyers and its own policy of recruiting more mortgage advisors are the reasons for the spike. The year’s first quarter saw Openwork make a total of £5.7 billion from mortgage completions, which is the highest it has ever earned from this in a single quarter.
The network has indicated that it brought in a further 245 mortgage advisors during that same three-month period, as well as 46 more appointed representative (AR) companies. The number of both that Openwork recruited throughout last year and the first quarter of this one was higher than it has been in more than a decade. The network currently has more than 2,500 advisors working for it.
Openwork Mortgage Director John Cupis told FT Adviser that the network was anticipating another very healthy year, based on the completions figures for the last quarter, before going on to add that:
“The mortgage business at The Openwork Partnership is really benefiting from the growth in recruitment and the addition of new firms and advisors who are helping to drive expansion.”
Joining a mortgage network such as this one is a very appealing option for many new advisors after they have completed their CeMAP training courses, as it offers them a chance to have a greater level of job security.