Dudley Building Society reveals that gross mortgage lending has fallen from £112 million in the previous year to £110.8 million for the 2023/24 financial year. The company also saw pre-tax profits fall to £1.78 million from £2.70 million in the same period.
In what has been a challenging twelve months, the society saw a 9.3% increase in its mortgage portfolio, from £436.1 million to £476.8 million. The mortgage portfolio has grown continuously over the past four years.
Dudley Building Society specializes in expat, buy-to-let, holiday rental, self-build and pension loans.
During the year, up to 87% of borrowers chose to keep their mortgage with the company, switching to a new product once their current deal expired.
Dudley distribution director Robert Oliver commented: “We have had another strong year against a backdrop of economic uncertainty. The cost of living crisis continues to impact many mortgage lenders, and we have consistently supported those with more complex needs who may not be able to get mortgages from major banks. Over the past twelve months we have implemented several interest rate cuts, allowing our customers to buy homes and invest.
He added: “We have laid a solid foundation for future growth and have some exciting plans for the year ahead. In addition to continuing to strengthen relationships with our intermediary partners, we plan to make significant investments in technology and expand our mortgage offerings for the benefit of our members, intermediaries and the communities we serve.”