Mortgage Network Performance Recruitment For The first quarter of 2017gary
It’s that time of the year again so here is the performance recruitment table for UK Mortgage networks for the first quarter of 2017. Changes to the FCA tables, namely recording AR’s as “appointed Representatives” or “introducer appointed representatives” when they first register, but not differentiating between the two very different types of AR when they come off the register have meant the calculation method we use has had to be altered (again), but hey ho it’s all sorted now and everything’s fine.
As usual of course due to retrospective additions and corrections the specific numbers may vary slightly at the time of publication, however they were pretty much spot on when they were actually researched on 6th April. The only other point that needs to be mentioned is that the figures should never be used as the sole indicator on which to base network choice although obviously where any network consistently shows more people leaving than joining, it doesn’t look good? If you’re seeking to join a network always get independent, impartial advice, which coincidentally is what Which Network supplies free!
But enough of the generalisations. Getting straight into the table possibly one of the most remarkable aspects of this quarter is how unremarkable the figures are. No crashes and no big acquisitions by the big boys produces a table looking far more serene than usual. Underneath this however Which Network has noticed a definite increase in mortgage advisers switching from employed or registered individual roles to full independence via appointed representative status with a network which with the market picking up steadily is undoubtedly good news for both the individuals concerned and the industry, and this should reflect positively in mortgage broker numbers for the year ahead.
With the best recruitment figures for the quarter in numereical terms we have the Stonebridge Group increasing their AR base to 258 or Mortgage Support Network in percentage terms with over an 8% increase for MSN very much kicking against their recent performance. In joint second place numerically speaking we have First Complete, Online Partnership and The Right Mortgage who all picked up 5 additional AR’s with the Right Mortgage also second in percentage terms . Third place goes to Pink this quarter.
Looking at the down side of the news now, and I think it’s fair to say there haven’t been any colossal losers. We have Intrinsic down 11 AR’s although with 1,139 AR firms that actually only equates to less than 1% of their total AR base. In percentage terms with a reduction of 5 AR’s we have Julian Harris, this representing over 6% of the total number of their AR’s. In second place numerically speaking we have Tenet losing 9 AR’s but again because of their overall size this isn’t really very significant with the reduction of 4 AR’s (2.11%) by Mortgage Intelligence /Next who are second place in percentage terms being arguably slightly more noteworthy. Third place in the doom stakes goes to Sesame with the loss of 8 AR firms still an improvement on the problems they’ve been having over the last couple of years.
All of this is against the uncertainty caused by Brexit and the previous Chancellors atomic destruction of ordinary people using BTL properties for funding their pension with top rental yields of 6.8% in the Manchester area ignoring any increase in the property value (usually around 2.5% above inflation) now being replaced by savings rates of around 1.25% or around 2.35% for a 5 year NS bond. The fact that none of these changes help to get more families into housing apparently being seen as a side issue. So again, not a bad quarter overall and an industry I’m still proud to be part of.