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Building society mortgage lending grows

The Dudley Building Society increased mortgage lending by £40 million in the 2023-2024 financial year.

The new Dudley Building Society logo

The mortgage book was up 9.3 per cent from £436.1m to £476.8m.

The society, which was founded in 1858 and has its head office in Brierley Hill, reported pre-tax profit of £1.78 million with gross mortgage lending of £110.8 million.

During the year, up to 87 per cent of borrowers chose to keep their mortgage with the society and moved to a new product once their current deal ended. It also saw a record low number of mortgage arrears, with only three accounts in arrears of three or more months.

The society now looks after more than £1 billion in savings and mortgages, representing 17 per cent growth in total assets, along with record capital resources of £32.2m.

The Dudley donated £30,000 to local community causes in the year.

Robert Oliver, distribution director at Dudley Building Society, commented: “Once again, we have had a strong year against a backdrop of economic uncertainty. The cost-of-living crisis continues to affect many mortgage borrowers, and we have consistently supported those with more complex needs who may not be able to obtain a mortgage with high street banks. Over the last twelve months, we have introduced several rate cuts, helping our customers buy homes and make investments.

“Our team of dedicated and experienced underwriters offer a personal touch and a common-sense approach to mortgage applications. This commitment was recognised this year when we were awarded the Legal & General Mortgage Club Award for Best Smaller Lender.

“We have built a solid foundation for future growth and have some exciting plans for the year ahead. Along with continuing to strengthen relationships with our intermediary partners, we plan to make significant investments in technology and grow our mortgage proposition for the benefit of our members, intermediaries, and the communities we serve."

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