Openwork has revealed the makeup of its new mortgage panel.
In the last quarter of 2014 the firm invited 35 lenders to tender and has selected the 25 which it believes represent the very best in each of the key customer segments that it is seeking to serve.
The tendering process explored all key aspects of lenders’ propositions and strategy including their product offering, underwriting criteria, historic service performance, technology, field / telephone sales capability, distribution strategies, marketing support, management information and commercials. Recent and anticipated levels of lending production were also evaluated.
The new panel includes Accord Mortgages, Aldermore, Bank of Ireland, BM Solutions, Barclays, Clydesdale, Coventry Building Society, Halifax, Kensington Mortgages, Leeds Building Society, Metro Bank, Mortgage Trust, NatWest, Nationwide Building Society, Newcastle Building Society, Paragon Mortgages, Precise Mortgages, Principality Building Society, Progressive Building Society, Santander, Skipton Building Society, TSB, The Mortgage Works, Ulster Bank and Virgin Money.
The two previously unrepresented lenders are Bank of Ireland and TSB.
Paul Shearman, mortgage and protection proposition director for Openwork, said: “The last 12 months have seen major changes in the market including new regulation, increased capacity, new lenders and a significant shift towards intermediaries. We felt the time was right to review all of our lender relationships with the aim of ensuring we were still delivering a best of class proposition to our advisers and in turn their customers.
“I am delighted with where we have landed. We now have a refreshed panel comprising lenders who recognise the value that Openwork provides and have been willing to commit to supporting us in areas such as exclusives, product design, differentiated service and marketing / sales support.
“Openwork’s mortgage business is critical to the network’s future growth plans and I look forward to working with all the panel members to take both existing and new relationships to a new level.”