Business mortgage

Dudley BS will temporarily close its new business

Dudley Building Society will briefly pause new business from the end of the day today [Friday 19 August] citing increased demand and a high volume of requests.

In a note to brokers, he said he would underwrite and assess applications already received and withdraw the products by the end of the day.

It said there was “increasing demand” for its specialty mortgage offering and it was “receiving a continuously high volume of mortgage applications”.

According to data from the Building Societies Association, Dudley is the 26th largest mutual in the UK with £524million in assets as of March this year.

The company offers a wide range of products, including retirement loans, freelancers, expatriates, vacation rentals and condominiums.

The mutual’s criteria also include no minimum income in its product line, multiple income streams are accepted, gifted deposits are allowed, and equity as well as capital raising. It will also accept joint sole proprietor borrower with a minimum of 20 percent.

Kieron Blackburn, commercial director of the Dudley Building Society, said: “We view this pause on new business as a temporary measure. As soon as we are confident that we can resume providing the service our partners have come to expect, we will return to the market. »

Several lenders have temporarily suspended new business to maintain service levels, including Gatehouse Bank, Suffolk Building Society, Saffron Building Society and Cambridge Building Society.

Coventry Building Society had temporarily suspended new business but reintroduced it earlier this month.

Brokers told this publication they expected more lenders to follow suit and said it was better to pause business to achieve service levels than to pull products and frequently increase lenders. rate.