Openwork has announced that Hodge Lifetime has joined its lender panel with immediate effect.
The addition of retirement market specialist Hodge Lifetime will provide Openwork advisers with access to the lender’s 55+ Mortgage, an interest-only residential home loan.
Paul Shearman, mortgage proposition director at Openwork, said: “The 55+ Mortgage will be a welcome addition for Openwork’s mortgage advisers and we’re delighted to be working with Hodge Lifetime on this innovative product.
“With the later-life lending sector continuing to grow, the 55+ Mortgage offers a great solution for clients of retirement age that have a credible repayment strategy and proven affordability looking for an interest-only mortgage.”
The addition of Hodge Lifetime enhances the range of mortgages available through Openwork following the recent additions of lenders including Tesco Bank.
The supermarket chain’s financial services arm launched Tesco Mortgage Intermediaries, its adviser channel, back in April, initially available through brokers London & Country, along with Legal & General’s key account firms, including Nouveau Group, Mortgage Advice Bureau, John Charcol and Stonebridge.
Steve Cox, business development director at Hodge Lifetime, said: “We are thrilled to be working with such a high calibre advice firm as Openwork and are certain the addition of the 55+ product will give advisers an additional potential avenue to provide great customer outcomes for the retirement market.”
Openwork expects to surpass more than £10bn of mortgage business this year, after lending surged almost 50 per cent earlier this year.
It also exceeded 3,000 advisers across the group for the first time in its history, in July.
