Dudley reports 58% increase in new mortgage lending
07 July 2023
Dudley Building Society has reported a year of growth across the business for 2022 – 2023.
The Society was established in 1858, and specialises in expat, buy-to-let, holiday let, self-build and in and into retirement lending. They also have plans to broaden their larger loan proposition.
It was a year of growth across the board, with mortgage lending before repayments totalling £112.3 million, a 58% increase on the previous year.
• Total mortgages grew 6%, with the Society now the 26th biggest in the UK,
• The second highest year ever of gross lending; a 58% increase,
• Savings balances reached £453m, the highest figure since the Society began,
• Profits of £2.7m before tax, with record capital resources of £30.5m,
• Only 47 accounts in arrears, representing 0.1% of all mortgage balances.
In what was a challenging year for the UK economy, the Society has also been able to ensure it makes a real difference:
• Customer net promoter score increased to 90.8,
• £50,000 donated to local community causes,
• Carbon footprint down 68% since 2020.
• Employee engagement score of 77%
Speaking on this, Robert Oliver, Distribution Director at the Society, commented “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.”
Robert commented “The Intermediary Support Team at the Society has continued to grow over recent months, and we’ve 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.”
Robert commented “We are committed to being there to help people live better lives, whether that’s supporting our intermediary partners to get clients into their dream homes, or offering a helping hand to our local communities.”
“We look forward to continuing to work with our valued intermediary partners, and further enhancing their experience with us.”
