The Openwork Partnership has reported a record £5.7 billion in mortgage completions in the first quarter as recruitment success helped to drive continued expansion.
Strong demand driven by the Stamp Duty holiday on homes worth up to £500,000 supported the increase in completions but The Openwork Partnership’s 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.
New firms joining have included Andrews Property Group which helped take the total 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 3% rise in total mortgage completions to £19 billion last year despite the purchase market being shut for two months by the COVID-19 pandemic. The last three months of 2020 were particularly strong and up 30% year-on-year.
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.”
Stephen Wildgoose, Recruitment and Growth Director, at The Openwork Partnership commented: ““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.