Tech upgrade aims to cut costs in lending
A structural change in the way secured loans are processed in Scotland is now under way, as brokers gain access to an online property title search tool aimed at reducing delays.
Loans Warehouse has introduced a new tool, noting it could lower costs. The update follows longstanding concerns over the limitations of the Scottish Land Registry, which until recently lacked an accessible digital platform. Second charge brokers operating in Scotland were required to request manual title searches - often waiting hours for responses and incurring costs higher than in England and Wales.
With the expansion of the Scottish Land Information Service (ScotLIS), most Scottish properties are now searchable online. Title information is available within seconds, at a cost per search. This change is expected to reduce the time and expense typically associated with loan processing north of the border.
“This is progress we didn’t even have to fight for - and that’s refreshing,” said Matt Tristram, co-founder of Loans Warehouse. “The second charge industry has always been hungry for change, and it’s incredible to see technology naturally aligning with our needs.”
Legal professionals such as Allan McKendrick and the team at Wilson McKendrick were noted for their support of brokers during earlier periods of manual processing.
Several lenders are reported to have adopted the digital process, with others reviewing their internal systems.
According to the EY ITEM Club Outlook for Financial Services, UK mortgage lending is forecast to grow by 3.1% in 2025, more than doubling the 1.5% growth recorded in 2024. This rebound is driven by falling interest rates and rising consumer confidence. Total UK bank lending is expected to rise from 2.3% in 2024 to 3.7% in 2025, with continued growth into 2026 and 2027.
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