Stonebridge and HLP among fastest-growing mortgage networks as consolidation looms – Mortgage Strategy
Two of the UK’s fastest-growing mortgage networks this year could soon combine to become even larger, according to the latest Network Consulting mortgage network league table.
Stonebridge Mortgage Solutions has recorded a net increase of 43 appointed representative firms during 2026, while HL Partnership has grown by a net 34 firms, according to Network Consulting’s analysis of FCA Register data.
BetterHome Group, which already owns HL Partnership, has agreed to acquire Mortgage Support Services, the parent of Stonebridge, subject to regulatory approval.
Network Consulting’s Q3 analysis also shows ValidPath increasing by a net 63 firms, although it mostly focuses on wealth advice.
Looking at the third quarter, The Right Mortgage, New Leaf Distribution and TMG Direct were among the growing networks.
But the figures also show networks shrinking elsewhere.
St. James’s Place, Primis, Openwork, Connect and Dragon all booked net reductions in AR firm numbers during 2026.
However, Network Consulting cautions against interpreting changes in firm numbers as a simple measure of network performance.
Network Consulting director Paul Day 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.”
The headline figures also do not always structural changes taking place at individual networks.
Flexi Network has emerged under the wider Beneficial Group ownership, while Beneficial itself has reduced in size during 2026.
Additionally, a network must have at least 20 AR firms to appear in the league tables.
Day added: “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.
“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.”
Network Consulting’s league tables are compiled using information published on the FCA Register and track AR firm and adviser numbers across many of the UK’s larger adviser networks.
The Q2 figures are available here.
