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Dudley Building Society drops post code lending restrictions

Dudley Building Society has removed its postcode restrictions and will now lend on a national basis.

Previously the building society, which offers its products through intermediaries, restricted its lending to the West Midlands and the Black Country, for people with DY and WV post codes.

But Dudley chief executive Jeremy Wood says a more competitive mortgage market has allowed the society to lend on a national basis without the worry of being “flooded out”.

Dudley chief executive Jeremy Wood says: “Up until relatively recently, we were a little concerned that we did not want to be flooded out and deal with large volumes. But the market has changed significantly over the past few months and availability of finance is much better, so we thought instead of making our lending restrictive let’s make it available to all comers.”

MoneyQuest managing director Simon Jackson says: “It is good to see small players like the Dudley looking to expand its offering. It is a sign of an improving market. In a poorly performing market there is a risk of being swamped if you are a smaller player and you put out your products nationally.”

Dudley, which has around £321m in assets, will lend up to 90 per cent loan-to-value for house purchases and offers residential, buy-to-let, self-build and shared ownership products.

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