New business lending through its exclusively intermediary based lending policy increased by 68% to £52.2 million over the previous year. The Society also had a net inflow of member savings funds of £9.5 million thanks to offering consistent rates of interest, which have featured in best buy tables during the year.
The Society has consolidated its relationships with key mortgage distribution partners, which provide access to Dudley’s product range for the intermediary community, as well as completing the move to a new IT system.
According to Chief Executive, Jeremy Wood, the 2014 results demonstrated the validity of moving to an intermediary only distribution policy.
He said:
“I am delighted to be reporting a year of such strong financial performance for the year. Most importantly, our strategy of intermediary only lending has borne fruit with a massive increase of 68% in mortgage completions. Much thanks goes to our intermediary partners and the whole team at head office, who have worked hard together while the new system was brought online and kept the processing running smoothly. Vitally, we continue to be true to our long term ethos of providing value for our members as we remain at the heart of the community we serve.”
