Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Strategy. Read the original article for full details.

LMS Reflects on 15 Years of Change in the UK Mortgage Market

Suzanne O’Connor, chief relationship officer at LMS, has reflected on 15 years of transformation in the UK mortgage market. O’Connor highlighted the evolution of lender relationships, the impact of technology, and the growing importance of collaboration across the property sector.

O’Connor noted that when she joined LMS, the company worked with just five lenders, compared to more than 50 today. She emphasised that the most significant change has been the shift from suppliers simply delivering a service to becoming strategic partners who understand lenders’ businesses and adapt alongside them.

According to O’Connor, lender expectations have changed significantly, with technology driving faster, more connected, and accountable processes. Real-time visibility, integrated systems, stronger governance, and greater information security are now standard requirements. Suppliers are expected to fit seamlessly into lenders’ processes, raising standards across the industry and benefiting lenders, partners, and customers.

O’Connor also addressed the role of relationships in the current market, stating that despite technological advances, trust and collaboration remain crucial. She explained that strong partnerships are built on honesty, consistency, and a willingness to tackle challenges together, which becomes especially valuable during periods of market uncertainty or rapid change.

Discussing digital transformation in conveyancing, O’Connor identified connectivity as the biggest step forward. She described the shift from receiving instructions by fax to using APIs and integrated digital platforms, which has reduced friction, increased certainty for customers, and enabled faster decision-making for all parties involved in property transactions.

O’Connor’s experience working with lenders, brokers, conveyancers, and other partners has provided her with a broad perspective on market trends and challenges. She noted that this wider view allows organisations to bring valuable insights to lenders and that partners who can offer this perspective are increasingly valued in the property sector.