Second charge brokers in Scotland were previously reliant on manual title searches, and Loans Warehouse said this regularly meant waiting hours for a report and incurring higher costs than their counterparts in England and Wales.
Many of these cases were supported by specialist lending law firm Wilson McKendrick and its director Allan McKendrick. Loans Warehouse said the firm played a vital role in helping brokers navigate the “cumbersome process”.
The Scottish property registration system has since been updated, and most properties are now available on the online Scottish Land Information Service.
Brokers can now access title information instantly for £3 per search. Loans Warehouse said this change could save second charge brokers thousands of pounds each month and improve efficiency in the sector.
The firm said many lenders had adopted the new process and most of the firms on the Loans Warehouse panel were either accepting the method or actively reviewing their internal systems to make it possible.
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It said this would lead to faster processing times, reduced costs and a better experience for both brokers and their clients.
The firm said it was “proud to be at the forefront of this industry evolution, ensuring our broker partners and clients benefit from every advancement available”.
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.”
