This was an increase from £124.3m in gross mortgage lending last year. Dudley Building Society’s mortgage balances closed at £558m, representing a growth of 28% over the last three years.
The mutual said it expected mortgage lending for the first half of this year to be lower as it integrated its new mortgage origination system, which launched in April.
This is expected to deliver faster decision-making, more consistency, fewer requests for documents and make the mutual more productive and efficient.
Over the financial year, Dudley Building Society’s net promoter score (NPS) among intermediaries improved from 40.3 to 42, which it said represented its advocacy for brokers.
Its profit before tax declined marginally from £1.04m to £1m. The mutual said its profitability was expected to be lower in the near term due to higher costs across the business and the integration of its mortgage origination system.
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Investment in technology and adviser relationships
James Paterson (pictured), chief executive of Dudley Building Society, said: “Over the past year, we have continued to invest in the people, technology and processes that support our long-term growth ambitions.
“Record mortgage lending, growing mortgage balances and continued improvements in broker engagement demonstrate the progress that has been made across the business.
“Intermediaries play a vital role in helping borrowers access the right lending solutions, particularly where cases may be more complex, and we remain committed to providing the service, expertise and support that brokers value.
“With a strong platform in place and further investment planned, we are well-positioned to continue supporting brokers and their clients in the years ahead.”
Rob Oliver, distribution director at Dudley Building Society, added: “Record lending is an important milestone for the society, but it is also a reflection of the trust brokers continue to place in us and the relationships we have built across the intermediary market.
“The market remains challenging for many borrowers, particularly those whose circumstances require a more considered approach. Throughout that period, brokers have continued to look for lenders that can combine common-sense underwriting with accessibility and consistency, and we believe that has contributed to the growth we have seen.
“We have also continued to invest in the intermediary experience. The launch of our new intermediary portal marks an important step forward in making it easier for brokers to do business with us, while maintaining the direct access to experienced decision-makers that remains a key part of our proposition.”
