The mutual’s results for 2023/24 showed its mortgage book rose by 9% to £476.8m. Dudley Building Society said its committed mortgage pipeline stood at £32m as of 31 March 2024, which was a “significant increase” compared to the £14.1m figure last year. 

The majority – 87% – of mortgage borrowers with Dudley Building Society decided to stay with the mutual after their mortgage term expired and moved onto a new product with the lender. 

The mutual also reported a record low number of mortgages in arrears, with just three accounts being three or more months behind with payments. 

Dudley Building Society reported a profit before tax of £1.78m, which was down on the previous year’s £2.7m. 

The mutual attributed this to the impact of higher interest rates as well as continued investment into the business. This included £600,000 spent on its mortgage origination platform. 

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Dudley Building Society said its profit would be used to “grow the business, maintain fair and competitive pricing and invest in services and our community”. 

 

A strong year for Dudley Building Society against economic uncertainty 

Dudley Building Society looks after over £1bn in savings and mortgages, representing 17% growth in total assets, along with record capital resources of £32.2m.

It said its mortgage lending would primarily be funded by savings balances. 

At the end of the year, savings balances rose by 24% annually to a record £559.6m. 

The mutual also improved its Smart Money People customer net promoter score (NPS) to 93.9, up from 90.8 last year, and donated £30,000 to local community causes. 

Robert Oliver (pictured), 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. Over the last 12 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 and General Mortgage Club Award for Best Smaller Lender.” 

He added: “We have built a solid foundation for future growth and have some exciting plans for the year ahead. Along with continuing to strengthen relationships with our intermediary partners, we plan to make significant investments in technology and grow our mortgage proposition for the benefit of our members, intermediaries, and the communities we serve.”