Mortgage networks continued to experience significant movement during the second quarter of 2026 as firms switched principals, growth rates diverged and several major players announced leadership changes, according to Network Consulting.
Stonebridge Mortgage Solutions was among the strongest-performing larger mortgage networks, with 63 firms joining and 34 departing during the year to date. This produced a net increase of 29 firms.
HL Partnership (HLP) recorded 49 joiners and 23 departures, giving it a net gain of 26 firms.
ValidPath delivered the largest numerical increase, albeit from its primarily wealth-focused network, with 46 firms joining and six leaving to produce net growth of 40.
GROWTH VARIES ACROSS NETWORKS
Sesame, New Leaf Distribution and Ingard Financial also recorded positive movement. Ingard’s growth represented an increase of 28.8%.
The picture was more mixed among networks with the greatest number of appointed representative (AR) firms.
Primis remained the largest dedicated mortgage network, with 1,018 AR firms. It recorded a net reduction of 33 firms during the year to date, equivalent to a 3.2% decrease.
Its parent division, LSL Financial Services, is also undergoing a leadership transition. Group Managing Director Richard Howells is stepping down, with Piotr Nowosad appointed on an interim basis while the business searches for a permanent successor.
LEADERSHIP CHANGES AT HLP
HLP has maintained positive AR growth during 2026 while announcing a significant leadership change of its own.
Chris Tanner is stepping back from the network’s day-to-day leadership after almost two decades, during which HLP developed into one of the UK’s largest mortgage and protection networks.
BetterHome Group Chief Executive Officer Rudi Botha is expected to succeed Tanner, subject to FCA approval. The move follows BetterHome’s strategic investment in HLP during 2024.
Tanner will remain involved as a board adviser to provide continuity during the transition.
NUMBERS REQUIRE CONTEXT
Network Consulting cautioned that the number of AR firms should not be considered in isolation because network business models can differ substantially.
Mortgage Advice Bureau, for example, has 200 AR firms but almost 2,000 retail mortgage advisers in the FCA data used by Network Consulting. Its latest trading update also reported an increase in mainstream adviser numbers and a 16% rise in mortgage completions during the first half of 2026.
The consultancy added that its first-quarter figures for Quilter were subsequently found to contain some duplicated leavers. This reflected its multiple brands and firms operating across more than one principal.
Its verification process has since been refined, with the second-quarter figures representing the corrected and individually verified position.
ALL CHANGE
Rob Clifford, chief executive of Stonebridge mortgage & protection network, said: “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.”
Paul Day, founder and director at Network Consulting, added: “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.”
