CityX took five minutes to speak to Kat and Dan, Co-Directors of LMAP to find out more about their business and its plans for the future.
Tell us about the business, what is it you do?
We ‘make a plan’ to get our clients into their homes and keep them safe once we have. We are a whole of market mortgage broker firm offering qualified mortgage and protection advice. Our aim is to make sure that our clients are so happy they can only recommend our services and leave us 5* reviews. We are here to help financially, whether that be for a purchase of a dream home, a buy to let investment, a remortgage review to save money, borrow more money or make changes to suit new circumstances, or equity release for later life planning.
When was the business formed and how has that changed over the years?
LMAP was formed in 2016 by Kat and Dan. Since 2016, LMAP has seen expansion in the areas of advice offered to include equity release and wills and planning. We also moved premises in October 2019 to our new central Lincoln office. Once thing that hasn’t changed is our ethos. LMAP was set up originally because our directors felt that there was a better way to do business and customer service is absolutely key.
Tell us a bit about what the business has done in the past year?
As mentioned, LMAP moved office in October 2019 and our team has welcomed additional advisers. LMAP also like to support local charities and although 2020’s charity fundraising has been delayed, we are planning to climb more mountains later this year. Having previously climbed the National 3 Peaks we have decided to complete the Yorkshire 3 Peaks as a team this year.
What are your proudest moments within the business?
There are a number of highlights. Conquering the National 3 Peaks as a team in the most terrible weather and raising money for St Barnabas. Opening our new office. The most poignant moments are when we make a real difference to our clients, for example a protection review that resulted in the clients being able to make a life-changing critical illness claim from an insurance policy we set up for them. We have also only ever received 5* reviews from our clients and that is something not many firms can claim and is something we’re incredibly proud of.
How has the current coronavirus pandemic affected your business?
Initially, the mortgage market almost shut down with lenders cancelling applications already submitted due to valuations not being able to take place and larger deposits being required. LMAP advisers adapted well and we worked with our clients to resolve any issues this caused. We have seen an increase in turn around times with mortgage applications taking longer than we had previously been used to, however we are happy to see that the lenders are now re-opening for business and there has been a number of lenders reduce the deposit requirements. Since estate agents re-opened a couple of weeks ago, we have been inundated with new enquiries and so the future is currently looking good for the Lincoln housing market.
Are you doing anything to diversify your business in response to the pandemic?
LMAP advisers would usually go to see a client in their own home to offer a personal service in the easiest manner possible for our clients. In order to ensure we’re able to continue to deal with as many enquiries as possible whilst keeping the clients and our advisers safe, we have had to change this and are currently offering telephone and video-call appointments only. This is working really well and we are still able to offer appointments at times to suit including daytime, evenings and even weekends.
Can you offer advice to businesses struggling during this time, whether they are in the same industry as yours or not?
Make a plan! Now is the time to be prepared, make sure you have the right business insurance in place. For example, life cover for business owners, income protection and key person insurance to replace monthly income in the event of ill health. While you have time, take advantage of speaking to a qualified adviser like LMAP to make sure you’re covered.
What are your future plans for the business?
LMAP plan to continue to get 5* reviews and recommendations from our clients by getting them the best value and quality mortgages and protection to suit their individual needs and circumstances. We also plan to climb mountains later this year to raise money for charity.
What do you think the future holds for your industry?
The mortgage market is notoriously slow to adapt to change, however after an initial blip with regards to valuations being cancelled due to lock-down, it seems to be adapting well. The lenders seem to have changed to home working fairly easily, the valuers are all PPE’d up and out and about. The protection providers have got back on track too which means that if anyone is concerned about the financial impacts of getting ill but is currently healthy, we can arrange cover. There is definite appetite from clients to continue to move and improve homes and so currently, the future looks bright.
Learn more about LMAP on their website here.