You are here: Home - News -

Dudley BS triples profits fuelled by mortgage broker channel

by:
  • 24/06/2014
  • 0
Dudley BS triples profits fuelled by mortgage broker channel
Dudley Building Society has tripled its profits thanks to increased mortgage lending, figures from its annual results have shown.

The mutual posted a pre-tax profit of £556,000 for the 2013/4 financial year, three times the figure achieved the year before.

Dudley took the decision to only accept mortgage business through the intermediary channel ahead of the Mortgage Market Review and said it had improved profitability on its loans.

The lender boasted increased mortgage lending of £31m in the 12 months, 14% higher than the previous year.

Dudley said it had also made progress in reducing the level of customers currently in arrears.

Chief executive Jeremy Wood said: “I am very pleased with our year-end position and the improvement in the society’s financial position especially with the security it offers to all of our members.

“Mortgage rates have continued to remain low throughout the year, which has seen our lending increase by 14% to £31m. I am particularly pleased with the outcome of the decision we made to offer our mortgage portfolio solely through the intermediary channel.

“As we believe that the only genuine way to ensure that clients receive the right service is through whole of market advice from a regulated intermediary, our products have to measure up well against the rest of the market.”

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
  • RT @ashridgepf: Well what a surprise! We love our clients and they obviously are quite fond of us. Mortgage applicants find humans more r…
  • RT @DanielleDennis9: Always love reading through the tweets of the year every December! Have a look through to recap on a great year https:…
  • RT @mortgagestall: Great to see the hard work brokers put in is getting ever-more recognised https://t.co/cg4ZaJzZJZ
Read previous post:
/IMG/565/253565/ed-balls1b.jpg
Labour proposes Help to Build and ‘fair’ Mansion Tax plans

Shadow Chancellor Ed Balls said a Labour government would launch a Help to Build scheme for small and medium-sized builders...

Close