The Q2 2026 figures continue to demonstrate considerable movement across the mortgage network market, with firms changing networks, differing rates of growth and, more recently, some significant leadership changes among major players.
Stonebridge Mortgage Solutions remains one of the strongest performers in growth terms among the larger mortgage networks, recording 63 firms joining during the year to date against 34 departures, a net increase of 29. HL Partnership (HLP) has also grown, adding 49 firms while 23 have left, producing a net gain of 26.
The strongest numerical increase comes from ValidPath, although primarily wealth focussed, with 46 firms joining against just six leaving, a net gain of 40. Sesame, New Leaf Distribution and Ingard Financial all recorded notable positive movement, the latter with a 28.8% increase.
Among the networks with the largest number of AR firms, the picture is more mixed. Primis remains the largest dedicated mortgage network, represented with 1,018 AR firms, recording a net reduction of 33 firms during the year to date, although this only represents a movement of 3.2%. Parent division LSL Financial Services is also entering a period of leadership transition, with Group Managing Director Richard Howells stepping down this month and Piotr Nowosad appointed on an interim basis while a permanent successor is sought.
Change is not confined to Primis. HLP, has recorded positive AR growth throughout the year and has recently announced an important leadership transition of its own. Chris Tanner is stepping back from day-to-day leadership after almost two decades, during which HLP grew into one of the UK's largest mortgage and protection networks.
Rudi Botha, CEO of BetterHome Group, is expected to succeed him subject to FCA approval, following BetterHome's strategic investment in HLP in 2024. Tanner will remain involved as a board adviser, providing an element of continuity.
The figures also demonstrate why AR numbers shouldn't be viewed in isolation. Mortgage Advice Bureau has 200 AR firms but almost 2,000 retail mortgage advisers in our FCA data. Its recent trading update also reported mainstream adviser numbers increasing and mortgage completions rising 16% during the first half of 2026.
It is also worth noting that theQ1 figures for Quilter were subsequently found to include some duplication within reported leavers, reflecting its multiple brands and firms operating across more than one principal. Network Consulting’s verification process has since been refined, with the Q2 figures reflecting the corrected and individually verified position. For full details of how the table is put together and what is included, please visit https://www.network-consulting.co.uk/
Paul Day, Founder and Director at Network Consulting said: “Overall, Q2 portrays a mortgage network market experiencing change on several fronts. DA and AR movement, leadership succession, investment and differing business models all provide important context beyond headline numbers, reinforcing why the direction, proposition and values of a network can be every bit as relevant as its size”.
Rob Clifford, Chief Executive of Stonebridge mortgage & protection network, added:
“You’re continuing to see a lot of chopping and changing because ARs are very well aware that not all networks are born equal and few networks have the capital to invest literally millions of pounds in technology development in the way we do.
“The level of support for advisers and the firms can vary wildly, and that includes the way networks deliver on their compliance responsibilities. You’ve got to get the balance just right, and those adviser firms who decide they don’t love their network partnership are voting with their feet. We’re obviously delighted that we continue to benefit from that.
“We support ARs to realise their ambitions by continually investing in core areas such as technology, support, and culture. Our primary objective is to be the best home for mortgage advisers.”
