It’s no secret that the UK mortgage industry is a rapidly evolving sector shaped by changing regulations, market dynamics, and consumer needs. For self-employed mortgage advisers, staying competitive requires careful decisions, especially when choosing the right mortgage network. This decision impacts compliance, business growth, and the overall client experience. It’s fair to ask, “Which Mortgage Network Should I Consider?”
This question will become clearer, but first, let’s address the elephant in the room.
What Is a Mortgage Network?
A mortgage network links self-employed mortgage advisers and the Financial Conduct Authority (FCA). Its main purpose is to ensure advisers follow FCA regulations and deliver suitable advice to clients. Furthermore, it often offers business, compliance, and marketing support to its members.
Mortgage networks differ in their offerings. Some are tailored to individual advisers, while others focus on supporting growing firms. For instance, certain networks help businesses achieve significant annual turnover, sometimes exceeding £5 million. Therefore, choosing the right network is essential to align with your specific goals and ambitions.
When selecting a mortgage network, assessing the support services offered is vital. Transitioning into a compliant and successful advisory role often depends on this choice. By joining a network suited to your needs, you can focus on delivering exceptional service while ensuring regulatory compliance.
The Role of Mortgage Networks in Supporting Brokers
Mortgage networks are essential in helping brokers manage challenges in the UK mortgage market. These networks link brokers and lenders, giving access to exclusive mortgage products not typically available elsewhere. They provide training programs to ensure brokers stay updated on regulatory changes and market shifts.
Membership in a network often includes access to advanced technology. These platforms simplify key tasks such as application processing and client communication, saving brokers valuable time. By offering these benefits, mortgage networks support brokers in improving efficiency and client satisfaction.
Mortgage CRM System: Why It Matters
A robust CRM system is the backbone of any successful mortgage advisory business. It streamlines client management, enhances productivity, and ensures compliance. Take OMS (One Mortgage System) as a prime example. OMS addresses intermediaries’ common challenges by eliminating the need to re-key customer data into multiple systems, saving advisers an estimated 3–4 hours per case. This efficiency allows advisers to focus more on their clients, an essential factor in staying competitive in a rapidly changing market.
Beyond time savings, OMS integrates seamlessly with key areas of the mortgage process, including residential, buy-to-let, bridging, and second-charge mortgage products. It also offers sourcing for mortgages, protection, criteria checks, valuations, and credit reference bureau integration—all in one platform. This level of functionality supports advisers in delivering comprehensive and efficient service.
The numbers speak for themselves: over the past 12 months, OMS has processed £15 billion in transactional data across 58,000 applications. This equates to over 202,000 saved hours, demonstrating how a well-implemented CRM system like OMS can transform mortgage advisers’ operations. For those looking to streamline their workflow while maintaining high-quality service, adopting a dedicated CRM system is no longer optional—it’s a necessity.
Key Considerations When Choosing a Mortgage Network
When selecting a mortgage network, three key factors deserve careful attention: Support and Training, Dual-Authorised Networks, and Fee and Commission Structure. Each plays a pivotal role in ensuring the network aligns with your professional objectives. Let’s examine these elements in detail.
1. Support and Training
A reliable mortgage network should offer thorough support and ongoing training. This might include regular workshops, industry events, and mentorship opportunities. For instance, some networks host monthly meetings and provide accountability sessions to help identify solutions to any challenges. Regular training ensures you remain informed about industry updates, enabling you to deliver excellent service to your clients. Networks that prioritise professional growth through such initiatives are better positioned to support your long-term success.
2. Dual-Authorised Networks
Dual-authorised networks offer flexibility and efficiency, particularly for advisers managing diverse portfolios. These networks grant authorisation to arrange both residential and commercial mortgages under one umbrella. This eliminates the need to operate under multiple networks or authorisation bodies. Whether managing buy-to-let properties or commercial finance, dual-authorised networks simplify processes, allowing you to cater to a broader client base. They also reduce administrative complexity while providing an opportunity to diversify your revenue streams.
3. Fee and Commission Structure
Understanding a network’s fee and commission structure is vital when deciding. While a higher commission split might seem more attractive, weighing this against the support and services provided is crucial. For instance, a network offering a 90% commission split but minimal guidance may not facilitate business growth. Conversely, a network offering 80% commission but robust training, marketing assistance, and mentorship may prove more beneficial in the long term. The focus should always be on the overall value rather than just the commission percentage.
Considering these factors, you’ll be well-prepared to select a mortgage network that aligns with your goals and supports sustained growth in the UK mortgage sector.
Recommended Mortgage Networks in the UK
When choosing a mortgage network, it’s important to consider their strengths in specific sectors. Here’s a breakdown to help you identify the best network for your focus:
Residential Mortgages
- Connect Network: Known for its award-winning services and comprehensive compliance support, Connect is ideal for brokers focusing on residential mortgages. Its training programmes ensure brokers stay updated on industry trends, while its innovative systems make compliance seamless.
- Primis: Offers a wide lender panel and strong compliance support, making it a great option for those focused on residential lending.
Buy-to-Let Mortgages
- Stonebridge: As one of the largest networks in the UK, Stonebridge provides extensive business growth opportunities and access to a wide range of buy-to-let lenders. Their training and mentoring programmes help brokers excel in this growing market.
- Connect Network: A good option for large brokers and solo advisers specialising in buy-to-let mortgages. It offers tailored compliance and personalised support.
Commercial Mortgages
- Connect Network: This network stands out in the commercial mortgage sector by offering dual-authorisation options. Brokers can handle both commercial and residential mortgages under one brand, providing greater flexibility.
- Mortgage Intelligence: Known for its versatility, it provides a comprehensive platform for brokers venturing into commercial lending alongside traditional mortgage options.
Bridging Loans and Specialist Lending
- Connect Network: A good choice for advisers venturing into bridging and short-term finance, offering tailored support and access to specialist lenders. An award-winning specialist packaging service.
Protection and Insurance
- Mortgage Advice Bureau (MAB): MAB provides a solid panel of insurers and a focus on protection, helping brokers maximise income streams through insurance sales.
- Openwork: This network is well-suited for advisers specialising in protection products, offering a broad range of insurers and competitive commission structures.
Smaller Firms and Solo Advisers
- HLP (Home Loan Partnership): Ideal for one-person businesses or smaller teams, HLP offers personalised compliance support and hands-on guidance.
- Connect Network: is a top choice for mortgage brokers seeking excellence. It provides award-winning services, strong compliance support, and exceptional training opportunities. With an established reputation in the industry, Connect Network is recognised for its reliability, innovation, and commitment to broker success..
Large Firms and Ambitious Growth Plans
- Stonebridge: Designed for firms looking to scale significantly, Stonebridge offers comprehensive business support, training, and access to premium resources.
- Connect Network: Perfect for brokers who want to build a more extensive operation, focusing on helping advisers grow their firms while maintaining compliance.
Choosing the Right Mortgage Network
Each network has unique strengths across various sectors. To choose the right one, consider your specialisation—residential, commercial, buy-to-let, or specialist lending—and align your goals with the network’s offerings. Selecting the right partner can unlock greater opportunities and long-term success in your field.
Choosing the right mortgage network is a pivotal decision for self-employed advisers. You can find a network that aligns with your business goals by focusing on factors like social media flexibility, support structures, and overall value. Remember, your chosen network should empower you to grow your business while delivering exceptional service to your clients.
Thank you for reading our publication “Which Mortgage Network Should I Consider?” Stay “Connect“-ed for more updates soon!
