We have refreshed our mortgage panel for 2015 following a major re-tendering exercise.
Announced to our advisers today at our Annual Conference at the ICC in Birmingham, the new panel includes two previously unrepresented lenders - Bank of Ireland and TSB.
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 to ensure lenders with a strong track record of delivering consistent volumes and those with exciting growth plans were chosen.
The new panel is operational from 2 February.
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.