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Dudley BS’s new mortgage lending rises 58 per cent YOY to £112.3m

  • 07/07/2023
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Dudley BS’s new mortgage lending rises 58 per cent YOY to £112.3m
Dudley Building Society new mortgage lending has increased by 58 per cent year-on-year to £112.3m.

According to its latest financial results, this continues a trend from 2021, when mortgage advances came to £21.3m, and then rose to £71.1m in 2022.

New mortgage lending has nearly returned to 2020 levels when figures came to £125.1m.

As a result of the growth in the lending, the mutual’s mortgage assets grew from £410.5m last year to £436.1m this year.

The mutual said that as of 31 March 2023 it had no accounts where payments were 12 months or more in arrears.

It added that it was the second year in a row where the number of cases in arrears fell, with 34 borrowers experiencing arrears, down from 47 in 2022. There were no properties in possession.

The lender reported £2.7m in profit before tax, which compares to £2.9m last year but is up on 2019 to 2021 figures.

Dudley said that the main reason for lower profit was an increase in impairment provisions due to the impact of reducing house prices.


Dudley BS: ‘Providing a common sense approach to underwriting’

Robert Oliver (pictured), distribution director at Dudley, said: “Since joining the society in November of last year, I’ve made it my priority to provide an excellent experience for our intermediary partners.

“The last year wasn’t without its challenges, as economic uncertainty has had its impact across the market. However, our top priorities have remained the same, which are to maintain a competitive range of products across our specialist lending areas, and maintaining prompt turnaround times for applications.”

He continued that the intermediary support team at the mutual had continued to grow in recent months and it was focused on “improving the overall experience through DIP to completion”.

“We have a brilliant team of dedicated and experienced individuals, who provide the personal touch and human, common sense approach to underwriting that takes the complexity out of complex mortgage applications.

“In more recent months, we have seen a high volume of applications come through to the society, and already have a pipeline that should meet much of our lending target for the year. This progress is a testament to both the products and service that we offer,” Oliver added.

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