The latest Q2 2026 mortgage network data from Network Consulting shows continued movement across the network sector, with adviser firms switching networks, contrasting growth rates among major players and a series of significant leadership changes reshaping the market.
Among the larger mortgage networks, Stonebridge Mortgage Solutions continues to post strong growth, recording 63 firms joining year-to-date against 34 departures, delivering a net gain of 29 firms.
HL Partnership (HLP) has also expanded, with 49 new firms joining and 23 leaving, resulting in net growth of 26 firms.
The strongest numerical growth was recorded by ValidPath, which, although primarily wealth-focused, added 46 firms while losing just six, giving a net increase of 40.
Sesame, New Leaf Distribution and Ingard Financial also recorded positive momentum, with Ingard posting a 28.8% increase in firms.
Among the largest networks by appointed representative (AR) numbers, the picture is more mixed.
Primis remains the UK’s largest dedicated mortgage network with 1,018 AR firms, despite recording a net reduction of 33 firms during the year to date – a movement representing just 3.2% of its total AR base.
Its parent division, LSL Financial Services, is also entering a period of leadership transition. Group managing director Richard Howells stepped down this month, with Piotr Nowosad appointed on an interim basis while the search for a permanent successor continues.
Leadership changes are also underway at HLP, which has maintained positive AR growth throughout 2026.
The network recently announced that Chris Tanner will step back from day-to-day leadership after almost two decades at the helm, during which time HLP developed into one of the UK’s largest mortgage and protection networks.
Subject to FCA approval, Rudi Botha, chief executive of BetterHome Group, is expected to succeed Tanner following BetterHome’s strategic investment in HLP in 2024. Tanner will remain with the business as a board adviser, providing continuity during the transition.
The figures also underline why AR firm numbers alone do not provide a complete picture of network scale.
Mortgage Advice Bureau, for example, has around 200 AR firms but almost 2,000 retail mortgage advisers, according to FCA data. The firm’s latest trading update also reported growth in mainstream adviser numbers and a 16% increase in mortgage completions during the first half of 2026.
Network Consulting also noted that its Q1 figures for Quilter were subsequently found to include duplicated leaver records, reflecting the firm’s multiple brands and businesses operating across more than one principal. The consultancy said it has since refined its verification process, with the Q2 figures reflecting a corrected and individually verified position.
Paul Day, founder and director of 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.”
Stonebridge chief executive Rob Clifford 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.”
