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Openwork originates over £20bn in 2007

Openwork has revealed it originated more than £20bn in mortgage business during 2007, showing a 15% increase on 2006.

The network’s lending levels in January were up over 30% on December and up 10% on January 2007.

By comparison, the Council of Mortgage Lenders’ figures show an increase of only 11% in lending across the market over December and a similar level to January 2007.

Openwork increased its market share in January from 4.1% to 4.4% – the highest it has achieved since inception in 2005.

The network says lenders are encouraged by these figures and are subsequently keeping Openwork at the top of their priority lists.

Nigel Stockton, managing director of HBoS Intermediaries, says: “I am delighted that Openwork’s strong business model has seen such success in 2007. They are a pleasure to deal with and I look forward to continuing to build on our successful working relationship in 2008.”

Paul Shearman, mortgage proposition director of Openwork, says: “We have possibly the best mortgage proposition for advisers in the market today. We remain at the top end of lenders’ focus and this is a strong testament to their faith in our quality and production levels.”

The proposition is underpinned by an agenda of events designed to keep advisers up-to-date with market status, trends, pricing and tips for success.

The next road show of Mortgage and Protection events will start on April 8 and take in 10 locations around the country, finishing on May 1 in London.

Last year’s events were oversubscribed with over 1,000 attendees with top mortgage providers, such as Woolwich and Nationwide, presenting strategies.


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