As an adviser working within the financial sector, the term mortgage network is probably one you have come across at least at some point during your time. However, we can even acknowledge ourselves that there isn’t a wealth of knowledge or information readily available where you need it to be that spells out in plain terms what a mortgage network is and what the benefits are to you, as an adviser, by joining one. To make sure you have all the facts at hand we have put together this article which will look to clear up any misconceptions you might have, examining all the basics such as what a mortgage network is and what joining the PRIMIS network can do for you, to some more in-depth queries like what the differences are between a mortgage network and mortgage club.
How do mortgage networks work?
If you’re an adviser or mortgage broker stuck facing the dilemma as to whether or not you would benefit from joining a mortgage network, it might be best to first get a solid understanding of what a mortgage network actually is. At its core, a mortgage network is an organisation which has been authorised by the FCA (Financial Conduct Authority) and accepts full liability on behalf of the adviser. This helps to ensure any and all operations of the adviser are compliant with FCA guidelines. This ‘blanket of protection’ extends to every aspect of an adviser’s proposition including any messaging to the public, any advice given, any coverage provided etc. An adviser who hasn’t made the transition to appointed representative (AR) and joined a mortgage network will be solely responsible for their own compliance, which means they themselves are responsible for adhering to FCA guidelines.
In addition to compliance, a mortgage network also offers its advisers access to a host of additional support features which we will touch upon later when examining what the benefits of joining a mortgage network are. For now at least, it is just worth knowing that depending on which mortgage network you choose to join, the level of support will vary, which in turn will influence how you grow your own client list – so make sure you choose wisely. Visit our dedicated consumer zone to find out more information for what a mortgage network is, as well as what PRIMIS can do to help provide you with best advice possible for the best customer outcomes possible.
Who is the Biggest Mortgage Network in the UK?
Now that you’ve got an understanding of what a mortgage network does, it’s probably worth examining the current state of the industry to determine which network is right for you. In regard to which UK-based network is actually the largest, there isn’t really a definitive answer due to the wide range of criteria used in measurement of this. However, some of the largest mortgage networks occupying vast shares of the market include PRIMIS, HLP, Stonebridge, Sesame and The Right Mortgage. Of course, there are a number of additional networks outside of this handful but in terms of size it is these 5 which have real stature.
The size of a mortgage network can refer to a number of variables, which is why offering an answer as to which is the biggest is difficult. Some networks are large in the fact they work with a broad panel of lenders including high-street names such as NatWest and Santander. Others are large in size because their network is home to a high number of ARs which means they support a wide range of brokers and advisers who in turn benefit from the different tools and support features they offer. As stated previously, PRIMIS is one of the biggest mortgage networks in the UK and is home to over 1000 AR firms, which is a number that is continually growing, as well as over 90 different mortgage lenders. So if you’re sitting thinking about which network you should join, keep reading and you can find out why PRIMIS might be the network for you.
Why Join PRIMIS Mortgage Network?
Support and Training in Compliance
Finding the right network to join can be a daunting task, especially with the knowledge you now have which showcases just how important a mortgage network can be for helping you grow your business and engage with clients more effectively, and of course in a manner completely compliant with FCA guidelines. Well in putting forward a case for selecting PRIMIS as your network, one of the most convincing arguments we can make immediately is our world-class approach to compliance. From training to events to updates, our ethos at PRIMIS is to ensure your clients always benefit from the best possible outcome and we ensure this is always the case by staying ahead of the curve when it comes to compliance, anticipating how major changes to the regulatory landscape will impact our advisers and their clients. With the Consumer Duty Act set to be a significant shake-up to compliance, we have even published a recent article exploring how you can minimise its impact on your firm, which you can read here.
Cutting-edge CRM Technology
Our exclusively-developed CRM software – Toolbox is another key part of our proposition as a leading mortgage network. Toolbox helps to drive leads and increase the effectiveness of the advice you offer your clients. The CRM software is constantly refined and updated based on the feedback advisers who join our network, because here at PRIMIS if you don’t grow, we don’t grow. Toolbox is solely owned by PRIMIS meaning that it is designed by brokers, for brokers, ensuring the best time efficiencies and effectiveness whilst remaining fully compliant throughout the process of providing good customer outcomes.
Sharing Expertise
Another reason why you might want to join a mortgage network is to foster relationships with other advisers in the mortgage and insurance industries, and there are a number of ways PRIMIS encourages this. A sharing of expertise and best practice when it comes to the different product areas is a core part of our ethos at PRIMIS, ensuring all our brokers continue to improve the level of service and support they provide their clients. Our face-to-face and virtual events programme provides our brokers with the ideal ecosystem for positive competition, as they celebrate mutual successes and experience what it is to be part of the PRIMIS pride.
What is the difference between a mortgage network and a mortgage club?
Now that you are officially an expert on all things mortgage network-related, we thought it might be useful to wrap things up by examining an alternative route to becoming an AR, which is to become a DA (Directly Authorised) firm. Rather than assigning liability to a mortgage network and operating exclusively under the umbrella of support, DAs maintain responsibility for their compliance and instead work more loosely with mortgage clubs. Mortgage clubs are very similar to networks in principle in that both seek to support brokers in growing their business and fulfilling client needs, however clubs differ by allowing brokers to continue to operate freely, working with multiple mortgage clubs if they so choose.
If the prospect of being supported by an experienced mortgage club while still maintaining the responsibility of shouldering your own compliance appeals to you, then PRIMIS’ sister company TMA might be exactly what you are looking for. The TMA Mortgage Club has refined their proposition to ensure maximum flexibility to facilitate both personal and professional development opportunities for DAs which choose to work with them. Get in touch and discover exactly what TMA is all about to start your journey as a Directly Authorised Business Principal.
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