Dudley Building Society has seen a 9.3% increase in its mortgage book for its 2023/2024 financial year, growing from £436.1m to £476.8m.
The lender — which specialises in expat, BTL, holiday let, self-build and retirement lending — reported a profit before tax of £1.78m, with gross mortgage lending of £110.8m.
It also saw a record low number of mortgage arrears, with only three accounts in arrears of three or more months.
During the financial year, up to 87% of the building society’s borrowers kept their mortgage with the lender and moved to a new product once their current deal ended.
In addition, Dudley’s savings balances grew by 24% to a record £559.6m.
The society now looks after over £1bn in savings and mortgages, representing 17% growth in total assets, along with record capital resources of £32.2m.
Robert Oliver, distribution director at Dudley Building Society (pictured above), commented: “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.
“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.”
