Dudley Building Society Sees Impressive Growth in Mortgage Book

Dudley Building Society has reported a significant 9.3% increase in its mortgage book for the financial year 2023-24, growing from £436.1m to £476.8m. This growth is a testament to the society’s commitment to supporting its customers and providing them with the best possible mortgage deals.

Mortgage market trends

The mutual reported a profit before tax of £1.78m in its latest financial results, with gross mortgage lending of £110.8m. This is a remarkable achievement, especially considering the current economic uncertainty.

During the year, an impressive 87% of borrowers chose to keep their mortgage with the society and moved to a new product once their current deal ended. This demonstrates the trust that customers have in Dudley Building Society and its ability to provide them with the right mortgage solutions.

The society also saw a record low number of mortgage arrears, with only three accounts in arrears of three or more months. This is a clear indication of the society’s dedication to supporting its customers and helping them manage their finances effectively.

Savings Balances Reach Record High

Savings balances grew by 24% over the year, reaching a record £559.6m, the highest level recorded at year-end. This growth is a result of the society’s efforts to provide its customers with competitive savings rates and a range of savings products.

Savings market trends

The society reported having over £1bn in savings and mortgages, representing 17% growth in total assets, along with record capital resources of £32.2m. This growth is a testament to the society’s financial strength and its ability to support its customers.

Commitment to Customer Service

In addition to financial growth, the society also improved its Smart Money People customer net promoter score to 93.9, up from 90.8 last year. This demonstrates the society’s commitment to providing its customers with exceptional service and support.

The society also donated £30,000 to local community causes, further demonstrating its commitment to giving back to the community.

A Strong Foundation for Future Growth

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 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.”

He added: “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.”

The society has built a solid foundation for future growth and has some exciting plans for the year ahead. Along with continuing to strengthen relationships with its intermediary partners, it plans to make significant investments in technology and grow its mortgage proposition for the benefit of its members, intermediaries, and the communities it serves.

Mortgage application process

With its commitment to customer service, financial strength, and community involvement, Dudley Building Society is well-positioned for future growth and success.