The buy-to-let lender found Sesame to be the most popular network amongst advisers, followed by OpenWork.
Sesame claimed three times more votes than its nearest rival at 27.8 per cent of brokers compared to 10.3 per cent. This is an increase since the 24.5 per cent seen by the lender back in March of this year.
Network membership remains diverse with a total of 24 networks referred to in the survey. However, this is down on six months ago when 32 networks were mentioned.
There has also been some consolidation in the market’s smaller networks, with membership of Network Data, Pink Home Loans and Personal Touch all contracting, according to the brokers surveyed.
John Heron, Paragon Mortgages' managing director, commented: “Networks are an indispensable resource for the majority of brokers – membership has been consistently high for the last few years. They are able to keep on top of market changes on behalf of their adviser members, who have much more limited research resources."
Larger networks are increasing their member numbers at a faster rate than their competitors. Heron continued: “There is some preference for the larger networks that have greater resources to keep on top of increasing regulation and market changes. Market conditions mean that lenders may be less able to give discounts on procurement fees and special product offers.
“In current market conditions, all financial providers are coming under increasing scrutiny from regulatory bodies. It is more important than ever for brokers to ensure they are up to speed with regulatory changes. Networks have the resources to make sure broker members are on top of their game for the protection of themselves and their clients.”
