Finance

Dudley Building Society grows mortgage book by 9.3%

Homeowner mortgages

The mutual reported a profit before tax of £1.78 million in its latest financial results, with gross mortgage lending of £110.8 million

Dudley Building Society has reported a 9.3% rise in its mortgage book for the financial year 2023/24, growing from £436.1 million to £476.8 million.

The mutual reported a profit before tax of £1.78 million in its latest financial results, with gross mortgage lending of £110.8 million.

During the year, up to 87% 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.

Savings balances rose by 24% over the year, hitting a record £559.6 million, the highest recorded at year-end.

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

In addition to financial growth, the society improved its Smart Money People customer net promoter score to 93.9, up from 90.8 in 2023 and donated £30,000 to local community causes.

Robert Oliver, distribution director at Dudley Building Society, said: Once again, we have had a strong year against a backdrop of economic uncertainty. The cost-of-living crisis continues to impact 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 past 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, he added.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of Invest for Property. The information provided on Invest for Property is intended for informational purposes only. Invest for Property is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.

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