Dudley Building Society reveals that gross mortgage lending fell to £110.8m for the 2023/24 financial year from £112m for the previous year. The society also saw pre-tax profits drop to £1.78m from £2.70m over the same period.
In what was a challenging 12 months, the society did see a 9.3% increase in its mortgage book, growing from £436.1m to £476.8m. The mortgage book has grown consecutively over the last four years.
Dudley Building Society specialises in expat, buy-to-let, holiday let, self-build, and retirement lending.
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.
Dudley distribution director Robert Oliver 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 twelve months, we have introduced several rate cuts, helping our customers buy homes and make investments.
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.”
