A long-standing obstacle in Scotland’s secured lending sector has finally been overcome thanks to a new digital breakthrough in property registration.
And Loans Warehouse, one of the top finance brokers in the sector, has welcomed the recent changes to the Scottish Land Information Service (ScotLIS) which now offers instant online access to most property title records for just £3 per search.
MAJOR SHIFT
The change marks a major shift from the traditionally manual and costly process that second charge brokers in Scotland had faced for years.
Previously, brokers operating north of the border were forced to conduct time-consuming title searches via solicitors, incurring significant delays and higher costs compared to their counterparts in England and Wales.
Allan McKendrick and his team at legal firm Wilson McKendrick were instrumental in supporting brokers during that period.
REFRESHING PROGRESS
Matt Tristram, co-founder of Loans Warehouse, said: “This is progress we didn’t even have to fight for – and that’s refreshing.
“The second charge industry has always been hungry for change, and it’s incredible to see technology naturally aligning with our needs.”
The majority of lenders on the Loans Warehouse panel have already adopted the new digital process or are actively reviewing their internal systems.
The result is faster loan processing, lower operational costs and an improved experience for brokers and clients alike.
Tristram added: “We’re committed to driving innovation across the sector and ensuring its partners benefit from every technological advancement.”
Secured loans? Look HERE.
