ResidentialAug 27 2020

Building society makes ‘phased return’ to lending

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Building society makes ‘phased return’ to lending
Credit: Simon Dawson/Bloomberg

Dudley Building Society is making a “phased return” to lending after halting new mortgage business in March as the coronavirus crisis developed.

The building society said it has resumed lending but its “immediate appetite” was restricted.

The lender is offering a core range of residential mortgages with fixed, variable and discounted rates, in addition to products for the self-build, self-employed and expat BTL mortgage sectors.

It had stopped new mortgage business in March to “better manage” its existing pipeline, maintain service standards and “harness resources” to help existing customers.

Sam Ward, commercial director at Dudley Building Society, said: “I am delighted to be able to announce our return to the market.

"Our packager partners have been keen for us to reopen and while we ease ourselves back into the market, our introducers can be assured that our service and ability to deliver innovative lending solutions remains unchanged."

Ms Ward added: “While we were disappointed to suspend new business acquisition one of the unexpected advantages was that it gave us more human resources to help existing customers when the Covid-19 crisis started to cause them concern.

“We were able to offer, as we still do, a more comprehensive support service to customers that went far beyond the deferment of payments. In many cases, we were able to offer alternative solutions which better suited particular customer circumstances.”

Joanne Chapman, director and adviser at Plus Financial, commented: "I’m extremely pleased to see Dudley Building Society return to market. Their decision to halt applications to focus on consolidation was a positive step.

"Wherever a bank or building society continues to lend during this volatile period, they should do so with service levels in mind and should always ensure they have sufficient resources and infrastructure to meet demand and to manage intermediary and client expectations satisfactorily.

"It will be interesting to see if Dudley have used their time wisely and how efficient their processes are upon their return."

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