We have further enhanced its mortgage panel with four leading specialist residential and buy-to-let lenders.
Following an extensive research and selection process, The Openwork Partnership has added Foundation Home Loans, Landbay, Pepper Money and Vida Homeloans to its panel.
We launched a rigorous tender process that looked at all specialist lenders in the industry as it looked to meet growing demand across the mortgage market in response to changes in the buy to let and residential markets.
Increasing complexity in the buy to let market plus the impact of the COVID-19 pandemic on the residential market has driven demand for lenders able to consider more complicated income and employment histories as well as clients with credit issues.
Foundation Home Loans are the intermediary-only mortgage specialists for owner-occupiers with more complex needs and buy to let mortgages for portfolio and non-portfolio landlords, limited companies and individuals, ex-pats, and short term lets.
Landbay focuses on buy to let, covering first-time landlords as well as limited companies including special purpose vehicles and trading companies plus LLPs and a wide range of property types.
Pepper Money offers residential and buy to let. Its products are aimed at clients who would benefit from a more human underwriting approach including those with complex income, self-employed, short credit histories and previous financial blips or adverse credit that has been registered as recently as 6 months ago.
Vida Homeloans offers residential and buy-to-let with a focus on impaired and improving credit including CCJs, defaults and missed payments. It also supports specialist properties including former local authority houses, flats, and properties above commercial premises.
Paul Shearman, Proposition Director, Mortgages & Protection at The Openwork Partnership, said: “Our refreshed panel offers the best support from across the industry and our direct panel relationships now account for 96% of all mortgage lending in the UK.
“The four new lenders are fantastic additions to our panel and will enable advisers to help even more clients in the changing mortgage market.”
George Gee, Commercial Director, Foundation Home Loans said: “Foundation Home Loans are delighted to have been selected to join The Openwork Partnership’s panel; as one of the UK’s leading specialist lenders we look forward to partnering with the broker community of one of the largest networks to support their growth in specialist residential and buy to let.”
Paul Brett, Managing Director, Intermediaries, Landbay said: “We are absolutely delighted to have been accepted onto The Openwork Partnership’s prestigious panel of lenders, and we can’t wait to get cracking on providing market leading buy to let products such as our green mortgage range for new build properties via The Openwork Partnership’s AR’s.”
Paul Adams, Sales Director at Pepper Money said: “We are very pleased that Pepper Money has been added to The Openwork Partnership’s panel, enabling members of the network to access our award-winning specialist mortgages. The driving principle for our business at Pepper Money is financial inclusion. We work in partnership with all of our distributors to ensure our individually underwritten mortgages are available to a broader group of clients.”
Richard Tugwell, Director of Mortgage Distribution, Vida Homeloans said: “The Openwork Partnership is a respected player in the market, and we are delighted to join their panel to offer our specialist lending product solutions to their advisers and provide options for their clients with complex financial needs.”