Stonebridge Mortgage Solutions and HL Partnership have recorded some of the largest increases in appointed representative (AR) firm numbers this year, as consolidation continues to change the mortgage network market.

Figures from Network Consulting’s third-quarter Mortgage Network League Table show that Stonebridge has added a net 43 AR firms during 2026, while HL Partnership has increased its total by 34.

The figures come as BetterHome Group, which owns HL Partnership, prepares to acquire Mortgage Support Services, Stonebridge’s parent company. The proposed transaction remains subject to regulatory approval.

Completion would bring together two of the sector’s faster-growing mortgage networks under common ownership.

ValidPath recorded a larger net increase of 63 firms, although its business is predominantly focused on wealth management rather than mortgages.

During the third quarter, The Right Mortgage, New Leaf Distribution and TMG Direct were also among the networks reporting positive growth in AR firm numbers.

CONTRACTION ACROSS OTHER NETWORKS

The latest analysis, based on FCA Register data, reveals a contrasting picture elsewhere in the market, with St. James’s Place, Primis, Openwork, Connect and Dragon all recording material net reductions in AR firm numbers during 2026.

However, Network Consulting argues that changes in network size should not automatically be interpreted as evidence of commercial success or failure.

Paul Day, director of Network Consulting, said: “There is a considerable amount happening within the network market at the moment, and movements in firm numbers provide an interesting indication of where some of that change is taking place.

“The growth at Stonebridge and HL Partnership is particularly noteworthy given the proposed ownership structure, but I don’t think these tables should ever be interpreted simply as a ranking of which networks are performing best.

“There can be very credible reasons for a network reducing in size, including consolidation, strategic change or the removal of inactive firms. Equally, rapid growth creates challenges of its own around infrastructure, compliance resources and service levels.”

OWNERSHIP CHANGES AND NEW PROPOSITIONS

Alongside movements in firm numbers, the sector is experiencing changes in network ownership and the services offered to advisers.

Flexi Network has emerged under the wider Beneficial Group ownership structure, while Beneficial itself has recorded a reduction in firm numbers this year.

Smaller networks and new entrants are also expanding, with some approaching the threshold of 20 AR firms required for inclusion in Network Consulting’s tables.

Mortgage Intelligence is another network facing a period of change following its acquisition by OneDome.

Day says: “What we’re increasingly seeing is change not only in who owns networks, but also in what those businesses are trying to provide.

“Technology, business development, marketing, succession support and even access to capital are becoming increasingly important parts of the proposition. That makes understanding what sits behind the headline network charge and firm numbers more important than ever.”

Investment in technology remains a significant consideration for networks seeking to develop their adviser propositions. Openwork’s selection of Seccl and Plannr as part of its technology transformation is one recent example.

Day says: “Ultimately, firm numbers measure movement, not quality. The largest or fastest-growing network isn’t automatically the right network for an adviser or firm.

“The proposition, culture, costs, technology, support and longer-term direction of the business all need to be considered.”

Rob Clifford, Chief Executive of Stonebridge mortgage & protection network, may be of interest (with pic):

“We are once again delighted that the hard work we’re putting in with members is translating into industry-leading growth.

“We know our strategy is rock solid and we won’t change it. Members don’t stay with us because they have to. We don’t tie them into long and onerous notice periods. They’re with us because we speak their language, we invest in our service and our technology, and we help them build businesses in a way that goes far beyond compliance. The recent acquisition by BetterHome will only improve the rate at which we can invest and innovate.

“We’ve known this is the future for Stonebridge for some time. Our membership base is really an army of entrepreneurs, all of whom appreciate the access to senior management, training and support we provide each and every one of them.

“Relatively recent innovations include things like our individual adviser recruitment team, which helps ARs find new blood to grow, and our Skills Development Programme that helps teach advisers the psychology behind their interactions with customers.

“We aren’t going to let up, we’re going to continue innovating to better serve advisers, and that’s what you saw last week with the launch of our first consumer and adviser app, My Mortgage Partner. This is a key part of our tech offering, and one that is going to make it even easier for our advisers to preserve relationships with borrowers over the long term.”

Network Consulting’s league tables use FCA Register information to monitor changes in AR firm and adviser numbers across many of the UK’s larger advice networks.