Dudley Building Society has reported a 9.3% increase in its mortgage book for the financial year 2023/24, growing from £436.1 million to £476.8 million.
The mutual reported a profit before tax of £1.78 million in its latest financial results, with gross mortgage lending of £110.8 million.
During the year, up to 87% of borrowers chose to keep their mortgage with the society and moved to a new product once their current deal ended. It also saw a record low number of mortgage arrears, with only three accounts in arrears of three or more months.
Savings balances grew by 24% over the year, reaching a record £559.6 million, the highest level recorded at year-end.
The society now looks after over £1 billion in savings and mortgages, representing 17% growth in total assets, along with record capital resources of £32.2 million.
In addition to financial growth, the society improved its Smart Money People customer net promoter score 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 twelve 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 & General Mortgage Club Award for Best Smaller Lender.
“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.”
