The UK mortgage market is complex and constantly evolving. For self-employed mortgage advisers, staying competitive can be challenging. Adapting to regulatory changes, delivering excellent client service, and achieving business growth are vital objectives. Selecting the right mortgage network plays a crucial role in meeting these goals.
A mortgage network acts as a support system for advisers. It helps ensure compliance with Financial Conduct Authority (FCA) regulations. Moreover, it provides access to lender panels, technology tools, and training resources. These elements can significantly influence advisers’ success and client satisfaction.
When deciding which mortgage network to join, consider several factors. Support services, commission structures, and lender access are key aspects. Additionally, the network’s reputation and its ability to keep up with regulatory changes are equally important.
Mortgage networks also provide compliance oversight. This helps advisers stay on top of complex rules while avoiding costly errors. At the same time, many networks offer marketing assistance and administrative support, reducing advisers’ workload. These benefits allow more time to focus on delivering personalised advice to clients.
What Is a Mortgage Network?
A mortgage network connects self-employed mortgage advisers and the Financial Conduct Authority (FCA). Its primary role is to ensure advisers operate within regulatory guidelines while providing suitable advice to clients. Many networks also offer services like compliance support, business tools, and marketing assistance to their members.
Not all mortgage networks are the same. Some cater to individual advisers, while others focus on helping firms achieve significant growth. For example, some networks support businesses that generate an annual turnover of over £3 million, while others assist solo brokers looking for personalised compliance services.
Choosing the right mortgage network involves assessing its offerings, such as training programmes, marketing tools, and technology platforms. By selecting a network aligned with your goals, you can focus on delivering excellent advice and growing your business.
How Mortgage Networks Support Brokers
Mortgage networks are essential in assisting brokers within the UK mortgage market. They offer access to exclusive deals not available directly to brokers. These opportunities can help brokers provide better options to their clients.
Networks also deliver regular training programmes, informing brokers about market shifts and regulatory updates. Staying updated ensures brokers can provide accurate advice while meeting compliance requirements.
Many mortgage networks supply advanced technology platforms to streamline brokers’ operations. These tools assist with tasks like application processing and client communications. Brokers using these systems often report saving significant time on administrative tasks. This efficiency lets brokers dedicate more attention to their clients’ needs.
Joining a network provides brokers access to essential tools, industry expertise, and ongoing support. These benefits improve client satisfaction and overall business efficiency. Networks ultimately help brokers perform better in a competitive mortgage market.
The Importance of a Mortgage CRM System
A strong Customer Relationship Management (CRM) system is the backbone of any successful mortgage advisory business. It streamlines client management, improves productivity, and ensures compliance. Consider the example of the One Mortgage System (OMS).
OMS has revolutionised how mortgage advisers operate. It eliminates the need to re-enter client data across multiple systems, saving an estimated three hours per case. Over the last year, OMS processed £12 billion in transactions, helping advisers save over 190,000 hours.
Additionally, OMS supports residential, buy-to-let, bridging, and commercial mortgages. By integrating tools like credit checks, valuation services, and criteria searches, OMS enables advisers to provide a comprehensive service. This technology lets brokers focus on what matters most—effectively serving their clients.
Key Factors When Selecting a Mortgage Network
When choosing a mortgage network, consider these three essential factors:
- Support and Training
Look for networks that provide comprehensive support and training. Regular workshops, mentorship programmes, and industry updates ensure advisers remain knowledgeable. For instance, some networks offer monthly training events to help brokers address challenges and refine their strategies.
- Dual-Authorised Networks
Dual-authorised networks enable advisers to offer residential and commercial mortgages under one framework. This simplifies processes, especially for brokers handling buy-to-let and commercial properties. Additionally, dual-authorised networks reduce administrative burdens while offering opportunities to diversify revenue.
- Fee and Commission Structure
While high commission splits can seem attractive, they must be balanced with the level of support provided. For example, a network offering an 85% commission split with extensive compliance support may be more beneficial than one offering 90% but no guidance. Assess the overall value rather than just the headline commission percentage.
The Top Networks in the UK Mortgage Market
No single network can claim to be the “best.” Each one operates differently and targets specific markets. What works for one broker might not suit another.
The number of appointed representative firms it supports is a useful metric to evaluate network performance. Based on FCA data, Network Consulting created a “Network League Table” for H1 2024. Here are the top 20 networks:
- St James’s Place Wealth Management Plc
- Primis
- Quilter
- Stonebridge Mortgage Solutions Ltd
- Openwork Limited
- HL Partnership Limited
- The Right Mortgage Limited
- 2Plan Wealth Management
- Sesame Limited
- The On-Line Partnership Limited
- Connect Network
- New Leaf Distribution Limited
- Mortgage Advice Bureau Limited
- Sense Network
- Mortgage Intelligence Ltd
- ValidPath Limited
- Best Practice IFA Group Limited
- White Rose Finance Group Limited
- TMG Direct Limited
- Beneficial Limited
Selecting the right mortgage network is crucial for brokers aiming to grow their business. Assessing factors such as compliance support, commission structures, training opportunities, and access to lenders is essential. Brokers should consider their individual goals and client base before committing. A good network should align with your specific needs while offering the tools to enhance your professional success. Once you’ve decided, Market Financial Solutions will provide the support you need to thrive in the UK mortgage market.
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