Member Review 2021

Powering Life The Government’s support for people and businesses affected by COVID-19 has clearly cushioned what might otherwise have been Chairman’s a period of extreme difficulty and I realise that some may yet face hardship. We will continue to help, particularly borrowers, Statement should they face an uncertain future. In reacting in the way we have to the Key Performance Indicators 2018 2019 2020 2021 pandemic, there have been some Pre-Tax Profit £1.55m £1.60m £1.48m £2.21m consequences. We have not been able to Total Assets £397.4m £438.5m £541.3m £525.7m grow in the way that we have planned prior to the pandemic, and our mortgage Reserves £22.5m £23.8m £24.9m £26.7m balances are down on last year. Profit levels Mortgage Lending £82.2m £92.6m £125.1m £21.3m have been maintained whilst our policies of fair interest rates have also been a feature of our operations. Capital remains strong I joined your Board in January 2020 and was asked by my and has grown year-on-year from £24.6m fellow Directors to become Chairman after David Milner’s to £25.8m. retirement at the July Annual General Meeting. This is, I’m hoping that therefore, my first statement to Members. Our strategy has received further focus the values we hold 2020 will surely go down as one of the members’ requests. I know some of during the year and continues to be about worst years in living memory. In addition the changes we have had to make controlled mortgage growth funded by dear as a local to having to cope with the COVID-19 have not been easy for members or deposits from saving members, whenever building society pandemic, we were faced with the colleagues. I recall standing in a queue possible, at rates which are above market uncertainties that leaving the EU has outside our Gornal branch on a cold averages. The mortgage markets we operate have stood us in in are generally not well served by larger presented. On the world stage, a divided December day for 30 minutes to ensure great stead in 2020 United States was set to choose its next we could maintain social distancing to lenders. This is a central pillar of our strategy. president. On their own, each of those protect everyone. Put simply, we have the expertise within the and will continue to items was capable of causing immense Society to assess and service borrowers and At the same time, we decided to disruption. Occurring together was a mortgages that others can’t. do so in the future. concentrate efforts on existing test of resilience that hopefully we will members rather than pursue new I look forward with not have to endure again. business. This meant that we were able Returning to the pandemic, I would like to excitement to the Dealing with any sort of crisis is to deal with the many requests from express deep condolences to any of our something we, at Dudley, prepare for borrowers for a period of mortgage members or colleagues who have lost years ahead. as we have over our history. In recent payment deferral. When I say ‘deal’, loved ones during the ordeal. Can I also pay times we have invested cautiously in I mean that we were able to speak tribute to my colleagues at Dudley who have being able to maintain services even directly to every one of the 570 carried on during difficult circumstances but in extremely adverse circumstances. In borrowers who approached us for this whose resilience has been and continues to fact, it is a requirement of our regulators. facility. For me, this goes to the heart of be exceptional. Our response to the COVID-19 what a building society should stand for. As ever, your Board has been highly pandemic was swift and decisive. Whilst Automation has its place, but at times of supportive and I would like to especially thank we have had to reduce branch opening need people want to talk to people. I am Paul Doona who steps down this year after hours during each period of restriction delighted that we were able to do this. serving nine years as a director. To finish, may imposed on us, we are treated as By shortening branch opening hours it I thank you, our members, for the support PETER HUBBARD essential and we have been able to also meant that our colleagues could you have shown during the last year. I am CHAIRMAN keep all services operating, changing speak to more members choosing to convinced that we will see the end of this several times to accommodate our telephone rather than visit us. 20 MAY 2021 situation quite soon.

2 Our approach is to understand what risks might be faced by borrowers even if they haven’t yet made the statute books. An Chief Executive’s example of what might come is improved property insulation. At the same time, we will need to be able to calculate and seek to Review reduce our own carbon footprint. From 2022, we will be required to report on progress in our Annual Report and Accounts. As the Chairman has already described, the last year has been like no other. By the time our Report and Accounts are published, I hope that we will have vaccinated a large proportion of the It may not have escaped members that a population and that confidence will have returned. very significant new feature was introduced earlier this year. We launched an Online During the periods of restricted Many are asking what the fallout and Service for new and existing members to movement over the last year, we impact will be from the economy’s near open a regular savings account online as have always tried to be there for our closure. We continuously monitor and well as view their accounts with us. members, our employees and our model a variety of outcomes, some I consider this to be an important step communities. Afternoon appointments severe, and in all cases the Society has forward for your Society and, for many, only for vulnerable customers were sufficient capital to withstand the effect. it will become the chosen way of dealing with We will come through routinely available. Occasionally it was In terms of interest rates, the Bank of us. At the same time as the Online Service necessary to close branches at short England lowered its Bank Base Rate to came on stream, we made some alterations this pandemic and I notice. We did so to enable employees a historically low 0.10% in April 2020. to the brand to ensure its alignment to look forward to your to get themselves tested and for the When the next movement will take this new way of serving members. I would branch in question to be cleaned. This place will only be determined as the urge members to take a look at the new Society continuing became a routine part of the lockdowns. economy improves and consumer Online Service and also to let us have email confidence returns. addresses if you have one. Many members to serve you, our A very strong sense of community has will want to continue to deal with us in a been more evident than in the recent As the Chairman’s statement mentions, members, as we traditional fashion but for others, opening an past and I will touch on just a couple of we deliberately slowed new mortgage electronic capability gives us the opportunity have for the last examples. With the Society’s support, business through most of 2020 to to make our services available to those who employees were able to ask local NHS concentrate on existing members. As a 163 years. want a modern, digital experience. hospital staff what they most valued. result of higher mortgage redemptions For those of us looking in at how the NHS than completions and taking a new was coping, the provision of wash-bags drawdown of the latest Bank of England I would like to add my very sincere thanks probably wasn’t uppermost in our minds Term Funding Scheme, we have ended to members for their support and patience but on learning that those supervising our financial year with a high level of during the past 16 months. Finally, and to our the care of COVID-19 patients had liquidity. We considered this prudent employees, for the way you have adapted to to shower after every session, the and fair to members wishing to continue a changed way of working, a heartfelt thank initiative was seized. The delivery of 1,100 placing their savings with us. The you to each and every one of you. washbags to two local NHS hospitals reduction in mortgage balances and was extremely well-received at a time consistent level of profitability has led to when relatively little was known about improved capital ratios. the pandemic. There were many other Financial regulators throughout examples of employees and their the world have directed financial teams rallying to help whenever it was organisations to consider climate TEXT YOUR BOARD needed and this has become part of the change amongst the risks and JEREMY WOOD Society’s Giving Back Programme. issues that should be measured 07860 027559 CHIEF EXECUTIVE and managed. 20 MAY 2021

4 A Year in Numbers 1,813Supporting Savers Targeted2,700 savings growth The Society continues to demonstrate its commitment 2,700 new savers joined the to savers, with 87% of savings customers on rates above Society, contributing to an APRIL the market average. You supported us by opening a increase in share and deposit huge 1,813 new savings accounts over the year. balances to a Society record 2020 of £513.1 million.

The launch of ‘Giving Back’ Lockdown 1.0 We launched our new Corporate Social We were well prepared when the first lockdown Responsibility ‘Giving Back’. We have a happened, and able570 to keep branches open to number of core focuses such as promoting serve our members, whilst non-customer facing financial wellbeing and fraud awareness to employees adapted admirably to working from our members, delivering financial education home. At the same time, we were proactive in to young people, volunteering within our supporting our members during this time and £25.8m Capital and liquidity strength local communities, and taking steps to have continued to make efforts to find the most 128 Regulatory capital increased to £25.8 million to support become a carbon neutral organisation. suitable ways of helping our borrowers with New mortgages arranged JUNE the growth in mortgage assets. Liquidity levels were repayment difficulties. In fact, we have helped During the pandemic we made improved ending the year at £116.3 million. 570 of our borrowers with payment deferrals. the conscious decision to support our existing members and therefore decided to SUMMER withdraw our mortgage product AUGUST range. We eased ourselves back into the market with a phased approach and arranged a A time to reach out Phased return to lending total of 128 mortgages for new borrowers, contributing to gross 0.34% Whilst continuing to support our Charity of the Year, Dudley Mind, Helping our existing members lending of £21.3 million. Improving mortgage book quality for a second year running, we have supported health and care during the pandemic became We have experienced record low levels workers during the pandemic. From donations to wash bags to a priority for us and therefore of arrears across the whole mortgage care packages, we reached out and offered a helping hand to we withdrew our new mortgage book. Account balances more than 3 those in our local community. product range from the market MARCH - THE STATS CAME IN months in arrears represent only 0.34% temporarily. In August 2020, we (down from 0.40%) of the Society’s were able to make a phased mortgage assets. return to lending.

OCTOBER JANUARY

2021

Lockdown 2.0 JANUARY Winning Wednesday When lockdown 2.0 arrived, our branches This day will go down in history at Dudley. We launched were in full swing, offering private afternoon our brand new Online Service to our members, a huge appointments to vulnerable customers, step forward in our digital transformation. Members can TOP 30 Leading employee engagement 98.3% now register to view their balances online and apply for with employees delivering paperwork and A new year and the feedback passbooks to customers’ who were self- from you kept on coming an online savings account with us. Not only did we launch During the year, the Society was ranked isolating and constantly being there for the Online Service, we unveiled our new brand to you in the Regional List for Financial Services’ We started the new year with hope those that needed extra support. ‘Powering Life’. We’ve updated and modernised our logo, 30 Best Companies to Work For, having and reflection – what would this our imagery, our style and just about everything else, all been rated ‘very good’ by the Best year bring? Our member feedback of which put our members right at the heart of our brand. Companies to work for accreditation. always kept us going. Notably, our members gave us an Overall Rating of 98.3% whilst our Net Promoter Score* for the year was +89.5. *A Net Promoter Score is a reflection on the likelihood that customers would recommend a business product or service to friends or family. Not all figures stated are audited. 6 7 Brand & Website Online Service We have put you, our members, right at the heart of our new branding. We were excited to launch our brand new Online Service By modernising and refreshing our look and feel, we are investing in in January 2021. This Online Service allows you to easily building a sustainable future for your Society. manage your savings and mortgage accounts, whether We exist for the sole benefit of our you’re on the go or relaxing in the comfort of your home. members and we want to show Logo this to you in everything we do. We We’ve updated and modernised our logo, For a while, we received feedback from you, our members, on how useful an believe we are here to power your life, emphasising that we Online Service would be. We hope this new service will enhance our offering giving you the confidence and peace are ‘your’ building for those members looking for a digital experience with us. of mind that we are looking after all society. your financial needs and offering Messaging By registering to view your passbook or mortgage accounts, you can view solutions for you where others can’t. Our messaging is now your balance, monitor your transactions and contact us online. You can also centred around how open an online savings account with us, which allows you to fully service We are here to provide guidance, we are ‘Powering Life’. your account online, as well as set up personalised savings goals to create positivity and a helping hand, so We want to empower healthy savings habits. you can continue to achieve your you so you can realise your dreams. personal goals and enjoy all of life’s little moments – like buying your Look first home. We are capturing these We’ve refreshed moments in our new branding. our whole look with Here are the highlights: engaging visuals, streamlined colours and a fancier font. Your new Dudley Building Society website

In April 2021, we launched our brand-new dudleybuildingsociety.co.uk website, incorporating our new look and feel, our new logo and our Powering Life messaging. Take It has been important for us to take steps to both a peek remain digitally relevant and also continually improve the services we offer to you.

We’ve introduced some great new features like our easy to use Product Finder, our dedicated Existing Member pages, our Find a Branch tool and our expanded Giving Back section, so you can keep up to date with everything we’re up to. We will For more information on strive to use this platform to provide education how you can register for our about financial wellbeing and information to guide Online Service, please visit you through those life moments where you may dudleybuildingsociety.co.uk need extra financial support, such as buying your /savings/online-service/ first home or to prepare for retirement.

With clear content, guidance and support, we genuinely want to use this platform to help you find what you’re looking for online.

8 9 Society Feedback Partnerships We have had another fantastic year of feedback from our members and we are pleased to report excellent scores with Members across all four of our key metrics. We carefully select partners with our members in mind and have a broad range of services that we believe provide real benefit. 2020/21** 2019/20* A dream come true Flexible underwriting has resulted in a mortgage Overall Rating that I couldn’t have dreamed of before. Last Year A good service 97.5% 98.3% I was recommended to Customer Service speak to Concept Financial Services, regarding planning Last Year Looking after us for retirement. One of their 98.9% * 98.4% Friendly, community-based society. It maintains Concept Financial Services advisers contacted me Net Promoter Score its classical building society ethos of looking after Concept Financial Services joined our intermediary quickly and arranged to its customers. It’s never wavered from that aim. meet at a time that was Last Year panel in 2018 as our preferred Financial Advice convenient to me. He 89.5% partners. Their team of advisers cover a 87.1% spectrum of services; Mortgages, Insurances, arrived punctually and was Value for Money Assurances, Investments, Retirement Planning and friendly and knowledgeable; he gave me good advice Last Year Inheritance Tax Mitigation, and are committed to 95.5% People not PCs providing a personalised service through a clear with clear explanations. Member Feedback 94.2% Talking with people who seem to really care makes understanding of their client’s needs. all the difference. It is the personal touch that matters. We go above and beyond for our members, putting you at the heart of everything we do. Respectful To help us improve the service you receive from your building A big wow Homebuyers Helpline society, we would love to hear The new online service is a welcome addition respected my decisions. your feedback on how we are to the already excellent Dudley experience. They listened carefully to doing and how we can further my situation and what I was improve your experience. Homebuyers Helpline† trying to achieve. They gave me an option that I would We collect feedback from our Homebuyers Helpline are one of the founding not have thought about and members via an independent members of our Intermediary panel and have which suited me moving review platform, Smart Money *Based on 1,296 responses collected between 1st April 2019 and 31st had a relationship with the Society since 2014. They March 2020. **Based on 800 responses collected between 1st April 2020 forward. People. To leave your feedback work to facilitate the mortgage advice needs of and 31st March 2021. †There is no cost to be in with the chance of winning Member Feedback and to be in with the chance of £100; simply complete the online feedback form at smartmoneypeople. new and existing members and pride themselves † co.uk or alternatively you can complete a form after receiving a service on providing a personal and professional service winning £100 via our quarterly in branch. You will need to provide an email address at the end of the free draw, please visit form to enter, this will not be used for marketing purposes. The prize will through a strong appreciation of our lending policy. be allocated randomly on a quarterly basis (1st October, 1st January, 1st smp.reviews/dudleyfeedback April and 1st July) and the winner will be notified within five working days. and share your thoughts on The closing date for completed feedback each quarter is the 26th of the month prior to the draw e.g. 26th September will be the closing date for *Financial advice and Pension advice in partnership with Concept Financial Services who are appointed your Society. the draw on 1st October. The winner’s identity will remain confidential, representatives of Openwork Limited which is authorised and regulated by the Financial Conduct Authority. unless you give explicit consent otherwise. †Mortgage advice and Insurance advice, in partnership with Harris Briscoe Ltd trading as Homebuyers Helpline, authorised and regulated by the Financial Conduct Authority. 10 11 AGM 2021 Staying Safe Online

In view of the ongoing situation Keeping your data safe is our number one priority, but there are with the COVID-19 pandemic and also some steps you can take yourself in your day to day life. the caveats contained within the Government’s Roadmap, we are sure you will agree that the safety of both Password Security Use Anti-malware/Anti-Virus our members and our employees When setting up passwords, There are a number of Anti-Virus must be prioritised at this time. remember to make them as unique protection products on the market, as possible. Even though you might which can be downloaded and As such, we have taken the difficult decision – for A video of the proceedings, be tempted, please do not reuse installed very quickly. If you’re unsure the second year running - to conduct our AGM as well as the results of the passwords that you are already using on which one to use, then simply 2021 as a closed meeting on 15 July 2021, which AGM, text versions of the on other websites on the internet. search the internet and read the means members will be unable to attend. speeches and responses reviews to help you make a decision. to your questions will be To ensure the AGM is legitimate and complies published on our website with the Society’s Rules and statutory Only use secure websites Update, update, update on 19 July 2021. obligations, proceedings will primarily be Make sure the site you are visiting has Typically, updates to your mobile conducted virtually - via an online webinar Voting will close on HTTPS at the beginning of the address phone, computer, or tablet need to be platform - with the required quorum of 12 July 2021, so please ensure and not just HTTP (without the ‘S’). The done monthly, however there might participants based in separate locations. you submit your choices ‘S’ stands for secure so this should be be some urgent updates sent on an and questions as soon as We want to ensure our members remain easy to remember. For example, the ad-hoc basis. Ensuring you check for possible. Remember, for engaged in the process, so this year the URL should look like this: https://www. regular updates will help protect your every vote cast, we will make proceedings will be recorded and made example.co.uk. You’ll usually see a operating system against security a donation to our Charity of available on the Society’s website to view padlock icon too, showing that the threats such as viruses. the Year, Dudley Mind (10p after the event. site is secure. for postal votes and 20p for online votes). Always question suspicious emails We encourage you to submit any questions you may have for the Board of Directors in Criminals increasingly attempt to exploit individuals through phishing emails, which attempt to obtain sensitive information such as usernames, passwords, advance of the AGM. You can get in touch Ways to vote with the Board in multiple ways: and bank account details. They will often do this by impersonating a genuine By post - complete the organisation which you may already have accounts with such as banks/ By text using our new “Text Your Board” form in your member building societies, social media sites and shopping sites. facility on 07860 027559 pack and return it to our scrutineers (Civica Election By email contacting marketing@ Services) in the pre-paid What do I do if I think I’ve been the victim of a fraud or a scam? dudleybuildingsociety.co.uk envelope Stop any transactions – if you have Report it – you can make a report to Online - vote via our made any transactions, contact your the Police Action Fraud line by calling: By post writing to us at Board of secure portal using the bank or building society as soon as 0300 123 2040. Directors, Dudley Building Society, security codes in your you can. They may be able to stop or Please report any suspected phishing 7 Harbour Buildings, The Waterfront, voting pack at cesvotes. reverse any payments. emails from Dudley to phishing@ Brierley Hill, West Midlands, DY5 1LN. com/dudleyagm21 dudleybuildingsociety.co.uk

12 13 Our carbon footprint Giving Back This year we assessed our carbon footprint for 2019/2020 and found our total emissions to be 73 CO2e (tonnes). We are delighted to have officially Over the last year we have continued to build upon our become a carbon neutral organisation following this Corporate Social Responsibility activity. Although lockdown assessment, having donated to a project that plants restrictions have limited what we could do, we decided to Carbon trees in both our local area and the Amazon rainforest. allocate a lot of our community outreach towards helping neutral key workers in our local communities. society

Donations to our local care homes

150 Our branch teams put together personalised care cupcakes packages to donate to Ridgeway Care Home, Wyncroft Nursing Home, Victoria Lodge, and Abby Lodge to say thank you to our hard-working care workers. Donation to Russell’s Hall NHS Hospital We donated 1,000 wash bags to the doctors and nurses working on the COVID-19 isolation Care wards as they had to shower after seeing package each patient. In addition to this we arranged donations for 150 cupcakes to be delivered to Russell’s Paid Hall Hospital to say thank you to the NHS. time off

100 Volunteering Donation to Bushy Fields NHS Hospital wash We donated 100 wash bags to the Malvern Ward bags During the first lockdown we allowed employees at Bushy Fields Hospital to help protect their staff up to 5 days paid time off to volunteer during and patients against the spread of COVID-19. the pandemic. So, we would like to celebrate our own employees who have volunteered for the NHS volunteer service and the Check in and Chat scheme to help those affected by COVID-19.

£500 donation

Fraud and Cyber awareness This has been a challenging year for you, our members, and we have been dedicated to providing Russell’s Hall Rainbow Donation you with resources on our website around COVID-19 We made the donation of £500 to the Dudley related fraud and scams. Group NHS Charity to put towards the Russell’s Hall Online resources Rainbow, a sculpture that will act as a lasting thank you to key workers during the pandemic.

14 15 All other Directors are subject to annual As Members will not be permitted to re-election. Therefore, Zamir Ahmad attend the 2021 AGM, this means that Chaudhry, Nicole Coll, Peter John all votes must be received by 12 July Notice of Annual Hubbard, Tariq Khatri, Samantha Ann 2021. Ward and Jeremy Robin Wood all retire 5. In order to vote, or appoint a and offer themselves for re-election at proxy, you must qualify as either General Meeting the AGM. a Shareholding Member or a By Order of the Board Borrowing Member. Notice is hereby given that the Annual General Meeting of Shareholding Members Claire Hyde the Society will be held at Dudley Building Society’s Principal a) To qualify as a Shareholding Society Secretary Office, The Waterfront, 7 Harbour Buildings, Brierley Hill, West Member, you must: 20 May 2021 Midlands, DY5 1LN on 15 July 2021 at 2:00pm. i. if you are an individual, be at least A copy of the Society’s Report and 18 years old on 15 July 2021; and Please note that this will be a closed meeting and members will not be Accounts is available on the Society’s ii. have held shares to the value of permitted to attend. This is due to the ongoing situation with COVID-19. website or upon request. The Annual not less than £100 in the Society on 31 General Meeting is a meeting arranged March 2021; and by the Directors once a year for Ordinary Resolutions Special Resolution iii. not have ceased to hold a share 1. To receive the Directors’ Report, To consider, and if thought fit, pass Members of the Society to have an or shares in the Society at any time Annual Accounts and Annual the following resolution as a Special opportunity to review the Chairman’s between 31 March 2021 and the Business Statement for the year Resolution: report on the Society’s activities over the voting date; and past year and to vote on the matters ended 31 March 2021. hold a share or shares in the 6. To approve the amendments to detailed. iv. 2. To consider and, if thought fit, the Society’s Rules Society on the voting date. pass an Ordinary Resolution to re- Notes on Voting Conditions b) Where the shares are held jointly by A description of the proposed Rule appoint PricewaterhouseCoopers 1. These notes form part of the Notice two or more persons, only the first changes can be found overleaf. LLP (PwC) as Auditors until the of Meeting. named in the records of the Society conclusion of the next Annual In May 2021, the Board appointed 2. Under the Society’s Rules, a Member in respect of those shares can have General Meeting. Joanna Rosamund Ann Baldwin as entitled to vote may appoint one any voting rights. 3. To approve the Directors’ a Director; she now offers herself for proxy to vote on his, or her, behalf. Borrowing Members Remuneration Report for the year election as the appointment was You may appoint the Chairman of To qualify as a Borrowing Member, ended 31 March 2021. made following the conclusion of the the meeting or anyone else as your a) you must: 4. To elect one newly appointed Non- 2020/21 financial year. Kieron Blackburn proxy, and your proxy does not have Executive Director:- will stand down from the Board and to be a Member of the Society. As i. be at least 18 years old on 15 July from his role as Interim Finance a) To elect Joanna Rosamund Ann Members will not be permitted to 2021; and Director in July 2021 and so is not Baldwin attend the 2021 AGM, this means that ii. have owed the Society not less standing for election. your proxy may vote on your behalf 5. To re-elect all other Directors:- than £100 in respect of a mortgage Paul Ernest Doona will stand down from by completing the Proxy Form for debt on 31 March 2021; and a) To re-elect Zamir Ahmad Chaudhry you. the Board and from his role as Deputy iii. owe the Society not less than £100 b) To re-elect Nicole Coll Chair and Senior Independent Director 3. You may instruct your proxy how to in respect of a mortgage debt on the c) To re-elect Peter John Hubbard at the AGM and so is not standing for vote. Please read the instructions on voting date. d) To re-elect Tariq Khatri re-election. the Proxy Form. e) To re-elect Samantha Ann Ward 4. The voting date is the date of the meeting, 15 July 2021 and 12 July 2021 f) To re-elect Jeremy Robin Wood if voting by proxy.

16 17 b) Where a mortgage debt is owed Why are we proposing to change Why are we proposing to change jointly by two or more persons, only PROPOSED RULE the rules on how members’ meetings the rules regarding the removal the first named in the records of the are held? of directors? Society in respect of that mortgage CHANGES In 2020, the COVID-19 pandemic and We are proposing to amend the rules can have any voting rights. subsequent strict lockdown restrictions regarding the removal of directors to Resolution 6 in the Notice of the made the holding of Annual General reflect the requirements of The Mental 6. In addition, you can vote only once AGM is a Special Resolution to as a Member, irrespective of: Meetings challenging. The last minute Health (Discrimination) Act 2013. change the Rules of the Society. closure of meeting venues, rules around a) the number of accounts you hold social distancing and movement Why are we proposing to change and whether you hold accounts in the rules regarding disruption to What are we proposing to change? restrictions meant that participation was different capacities (for example, on the postal service? The Society’s Rules are our main severely limited. your own behalf and as a trustee); We are proposing to strengthen the constitutional document and set out and There is a clear member benefit in rules regarding when notice is deemed the principles and basis on which updating the Rules of the Society to have been given to members in the b) whether you qualify to vote as both the society is governed including the to allow member meetings to be event of disruption to the postal service. a Shareholding Member and a requirements for and how members’ held electronically or at more than Measures include ensuring notice is Borrowing Member. meetings are held. one venue (or by a combination of published on the Society’ website in If you appoint a proxy to vote on your We are proposing to update the rules: both physical attendance and using addition to either prominently displaying behalf, and your proxy does not vote an electronic platform), so that all the notice at the Society’s Principal • to allow members’ meetings to be before the voting date, your vote will not members who wish to do so can Office and branches or publishing the held electronically and/or in more be counted. fully participate in the meeting whilst notice in two leading newspapers. than one physical location; If you appoint a proxy, your proxy cannot helping to make sure that we keep our • to clarify the procedures for How can I find out more? vote on the re-election of Directors members and employees safe. We’re adjourned meetings; unless you indicate your vote on the proposing to update the rules to allow Current Rules: A copy of the Society’s Proxy Form, or you instruct your proxy to • to clarify the quorum requirements the Board to arrange for members Rules is available on the Society’s vote at his/her discretion by marking “X” for meetings; to attend a meeting at one or more website or upon request. venues and/or using an electronic in the appropriate box on the Proxy Form. • to improve the requirements Proposed Rules: To ensure members regarding giving notice of meetings platform if the Board decides it would The Board recommends that you vote have clear visibility of the changes being in the event of disruption to postal be safe and appropriate. FOR the Ordinary Resolutions and the proposed, we have created a draft services; and Special Resolution. Why are we proposing rules relating document of the proposed Rules which • to reflect the requirements of to adjourned meetings? clearly details additions, amendments To vote by proxy, the Proxy Form The Mental Health (Discrimination) The COVID-19 disruptions last year also and deletions. Proposed new wording is when completed should be returned Act 2013. focused our attention on the procedures set out in italics and underlined, with any in the enclosed envelope marked, in the event meetings are disrupted deleted wording being crossed through. The Independent Scrutineer, Civica There are also some re-numbering and and need to be adjourned. We are A copy of this document is available on Election Services, The Election Centre, 33 minor typographical changes to make proposing rules to clarify the procedure. the Society’s website or upon request. Clarendon Road, London, N8 0NW and to the rules. This includes the notice requirements to be received by no later than 12 July 2021. What happens next? inform members of the time, venue and If members vote to pass the Special Please refer to Proxy Voting Form date of the new meeting. Resolution, changes will be effective for information on how to vote via Why are we proposing to change the from 2 August 2021. the Internet. rules regarding quorum at meetings? We are proposing to clarify the rules regarding quorum at adjourned meetings, by stating that there must be at least two members present at the meeting.

18 19 TEXT YOUR BOARD PETER JOHN HUBBARD CHAIRMAN / CHAIR OF NOMINATION COMMITTEE Directors Seeking Election 07860 027559 Peter has an extensive career within regulated organisations, serving in both Executive and Non-Executive roles. Previously a Non-Executive Chair at Co-op Insurance, he was also Chief Executive at AXA Insurance and UK General Insurance after having experience JOANNA ROSAMUND ANN BALDWIN NOTIFIED NON-EXECUTIVE as MD E-commerce and Director of Strategy Retail Banking at Lloyds Banking Group. Peter brings to the Board experience in regulated sectors both insurance and financial services Joanna is a customer engagement expert and accomplished digital strategist. Her as well as a strong background in leadership. career began in marketing at Unilever and culminated at Publicis Worldwide, as Head of Global Business Development, advising organisations of all types and sizes on their Additional Directorships Held Committees communication strategies, with a particular focus on digital transformation. She is an Edgepool Ltd Board, Nomination, Remuneration experienced Non-Executive Director and has founded and chaired new committees at both Aviva France and HMRC on improving customer experience and customer fairness. Additional Directorships Held Committees Aviva France Board, Board Risk, Nomination, TARIQ KHATRI CHAIR OF REMUNERATION COMMITTEE Remuneration As a former management consultant – latterly as a Partner at EY – Tariq has advised senior management teams in the Financial Services Industry for over 20 years on corporate, marketing and digital strategy, operations optimisation and risk analytics. He now runs a boutique AI / Machine Learning consultancy. Tariq holds a PhD in Physics and an MSc in Machine Learning. He brings to the Board considerable FS sector experience in a range of functional disciplines – in particular in the applied use of advanced analytics to Directors Seeking Re-election improve performance.

Additional Directorships Held Committees Machinable Ltd Board, Audit & Compliance, Board Risk, ZAMIR AHMAD CHAUDHRY CHAIR OF BOARD RISK COMMITTEE Nomination, Remuneration Appointed to the Board in September 2018, Zamir has comprehensive experience in developing and executing risk-based business strategies within the Financial Services sector. His Executive career was with businesses such as Zurich, Saga Services and TPT Retirement Solutions in Risk Director/Chief Risk Officer roles. Zamir offers a broad experience in designing and executing robust risk management strategies and ensuring SAMANTHA ANN WARD COMMERCIAL DIRECTOR appropriate oversight is maintained by the Board. Samantha joined the Board in 2020, progressing from a Head of Commercial role. She Additional Directorships Held Committees has been with the Society almost twenty years and has expertise in almost all areas of the UMNA Ltd Board, Audit & Compliance, Board Risk, business, having previously held Senior Management roles across both Underwriting and Nomination, Remuneration Savings functions.

Additional Directorships Held Committees N/A Board, Nomination

NICOLE COLL CHAIR OF THE AUDIT AND COMPLIANCE COMMITTEE

Nicole is a qualified Chartered Accountant and was appointed to the Board in January 2020. She is both Executive Director and Chief Finance Officer at Bank and Clients PLC with JEREMY ROBIN WOOD CHIEF EXECUTIVE experience in delivering, implementing and communicating strategy, developing the Bank’s culture and governance framework and heading the HR function. Nicole’s broad experience A 41-year career in banks and building societies with experience of a full range of includes working at the Bank of England as Chief Financial Accountant as well as working disciplines and activities. Two periods with banks – NatWest and the newly formed One for multi-national organisations in various directorships. Nicole offers the Board a solid Savings Bank – were sandwiched by 20 years with Nationwide, the world’s biggest Building background in Financial Services. Society where roles included Divisional Directorships of Commercial, Treasury, Consumer Finance and Operations. He currently sits as an adviser to the financial services division of Additional Directorships Held Committees LSL Property Group plc. Banks and Clients PLC, British Friendly Board, Audit & Compliance, Board Risk, Society Ltd, The Granville School, Nomination, Remuneration Additional Directorships Held Committees Wildernesse Avenue Road Trust Aldbury Quality Homes, Dudley Financial Board, Nomination Solutions Ltd, Lucklaw Estates Ltd

20 21 Being a regional building society, The Society’s objectives are to: whose members are overwhelmingly Summary Financial Statement • provide competitive savings products based in the Black Country and its primarily for the local community and vicinity, our strategy recognises the FOR THE YEAR ENDED 31 MARCH 2021 mortgage products nationally; importance of the local community. We remain committed to those • preserve its identity as an This Financial Statement is a summary of information in the audited Annual Accounts, members who want to continue to use independent local Building Society Directors’ Report and Annual Business Statement, all of which will be available to our branches whilst also realising that within the community; members and depositors free of charge, on demand at every office of Dudley Building there is a growing number who want to • maintain adequate reserves to Society from 31 May 2021. deal with us only digitally. Our recently- safeguard members’ funds; introduced online service means that • provide customer care and a quality Approved by the Board of Directors on 20 May 2021 and signed on its behalf by: we can serve both groups. service to its members.

During the pandemic aspects of our In meeting these objectives, the Society Corporate Social Responsibility (CSR) needs to balance carefully the need were brought into focus. Your Society to retain sufficient earnings to ensure introduced its ‘Giving Back’ Statement the sustainability of the Society for the Peter Hubbard Jeremy Wood Kieron Blackburn which features four core areas which the benefit of Members, employees and Chairman Chief Executive Finance Director Board considers important when making the local community, at the same a positive difference to our members, time recognising the importance of community, people and environment. continued investment in the Society. Furthermore, there is an increasing need to consider the ethical implications In its mortgage markets, the Society of our business decisions and we are selects areas which are considered to Summary Strategic Report passionate about offering a helping be under-served by competitors and hand to our local communities. in which the Society can achieve an This strategic review describes the Society’s strategy and how appropriate, risk-adjusted return. In Business Objectives and the retail savings market, the Society the Board goes about agreeing and then setting it. It also gives Principal Activities seeks to attract funding through its Members an insight into how the strategy is being implemented. The Society’s principal activity is the branches by offering good value rates provision of long-term residential over the lifetime of the Society/member The 2020-21 year will be remembered as the An organisation’s strategy is a strong mortgages to borrowers, financed by relationship. This year the Society also year of the COVID-19 pandemic. Very few indicator of its future direction. In setting personal savings from members. launched an online channel. people were not affected in some way by the strategy, your Board has paid particular it and your Society was no exception. But, attention to: because of the very clear strategic direction 2021 2020 2019 2018 • Dudley’s heritage, set and decisions taken, your Society has so Trading performance • its geographic location, and far weathered this particular storm well. Mortgage advances £21.3m £125.1m £92.6m £82.2m • what needs to be in place to Having achieved strong mortgage growth in Total mortgage assets £406.2m £436.6m £359.6m £315.2m ensure its sustainability. the two previous years, the Board had agreed Total shares balances £446.4m £448.8m £354.2m £333.0m that the 2020-21 financial year should be one Many members will be aware that the Financial strength of consolidation without the ambitious growth Society was established in 1858 with the targets set and achieved previously. As the aim of helping local people to buy their Net interest margin 2.00% 2.03% 2.22% 2.29% pandemic struck, it was straightforward and own homes. Today’s strategy in terms of Management expenses ratio 1.64% 1.65% 1.73% 1.94% sensible to concentrate efforts on existing mortgage provision is quite similar; we look Pre-tax profit £2.21m £1.48m £1.60m £1.55m rather than seeking new members. Your at specific parts of the market which are Board believes that its ability and willingness underserved and help those people meet Regulatory capital £25.8m £24.6m £23.7m £22.2m to take and implement decisions quickly gives their mortgage needs. Liquid assets (% of SDL) 23.42% 19.7% 18.4% 21.1% us a significant advantage. Arrears 3 months or greater (no.) 11 15 25 18

22 23 Group results for the Year Summary of Key Financial Ratios FOR THE YEAR ENDED 31 MARCH FOR THE YEAR ENDED 31 MARCH 2021 £000s 2020 £000s 2021 % 2020 % Net Interest Receivable 10,678 9,967 As a percentage of shares and borrowings Other Income and Charges (78) (25) Gross capital 5.38 4.86

Fair Value adjustments 57 (85) Free capital 4.96 4.53

Administrative expenses (8,748) (8,093) Liquid assets 23.42 19.69

Provisions for bad and doubtful debts 302 (285) As a percentage of mean total assets

Profit for the year before taxation 2,211 1,480 Profit after tax 0.34 0.24 Taxation (427) (298) Management expenses 1.64 1.65

Profit for the financial year 1,784 1,182 Other Comprehensive Income 5 15

Total Comprehensive Income 1,789 1,197 The percentages above have been prepared from the Society‘s accounts.

‘Shares and borrowings’ represent the ‘Mean total assets’ are the average of the aggregate of shares and amounts owed to total assets at the beginning and end of the credit institutions and other customers. relevant financial years.

‘Gross capital’ comprises general reserves ‘Profit after taxation’ represents the profit and Available-for-Sale reserves. ‘Free for the financial year as shown in the income Group Financial Position capital’ comprises gross capital and general and expenditure account. provisions for bad and doubtful debts less ‘Management expenses’ represent the AT 31 MARCH tangible and intangible fixed assets.. aggregate of administrative expenses, 2021 £000s 2020 £000s ‘Liquid assets’ represents the total of cash depreciation and amortisation and other Assets in hand, treasury bills, loans and advances operating charges. Liquid Assets 116,256 101,052 to credit institutions and debt securities as

Derivative financial instruments 65 124 shown in the balance sheet.

Mortgages 406,180 436,604

Fixed and Other Assets 3,240 3,527

Total Assets 525,741 541,307

Liabilities Shares 446,416 448,846

Borrowings 49,885 64,259

Derivative financial instruments 1,328 1,974

Other liabilities (including deferred tax) 1,390 1,295

Reserves 26.722 24,933

Total Liabilities 525,741 541,307

24 25 Independent auditors' statement on Directors’ Remuneration Report the Summary Financial Statement to FOR THE YEAR ENDED 31 MARCH 2021 the members of Dudley Building Society The purpose of this report is to inform members about the Society’s policy on the remuneration of Non-Executive and We have examined the Summary Financial Statement of Dudley Executive Directors. Building Society (the ‘Society’) set out on pages 22 to 25, which comprises the Group results for the year, the Group financial position The Society has adopted a remuneration policy which complies with the relevant elements of regulators’ remuneration codes and facilitates a formal as at 31 March 2021 and the summary of key financial ratios. and transparent procedure in respect of determining remuneration.

The report also explains how the Society regards the principles of the UK Respective responsibilities for any other purpose or to any other Corporate Governance Code relating to remuneration. Section Five of the of directors and auditors person to whom this statement is shown Code notes the following three principles in relation to remuneration: The directors are responsible for or into whose hands it may come save preparing the Summary Financial where expressly agreed by our prior Statement, in accordance with the consent in writing. Building Societies Act 1986. Basis of opinion Our responsibility is to report to you Our examination involved agreeing the Principle P Principle Q Principle R our opinion on the consistency of the balances in the Summary Financial Remuneration policies A formal and transparent Directors should exercise Summary Financial Statement with Statement to the full Annual Accounts. and practices should procedure for developing independent judgement the full Annual Accounts, the Annual Our report on the Society’s full Annual be designed to support policy on executive and discretion when Business Statement and the Directors’ Accounts describes the basis of our strategy and promote remuneration and authorising remuneration Report and its compliance with the audit opinion on those Annual Accounts, long-term sustainable determining Director outcomes, taking relevant requirements of Section 76 of the Annual Business Statement and the success. Executive and Senior Management account of company and the Building Societies Act 1986 and the Directors’ Report. remuneration should remuneration should be individual performance, regulations made under it. be aligned to company established. No Director and wider circumstances. Opinion We also read the other information purpose and values and should be involved contained in the Member Review In our opinion the Summary Financial be clearly linked to the in deciding their own and consider the implications for our Statement is consistent with the full successful delivery of the remuneration outcome. report if we become aware of any Annual Accounts, the Annual Business company’s long-term apparent misstatements or material Statement and the Directors’ Report strategy. inconsistencies with the Summary of Dudley Building Society for the year Financial Statement. The other ended 31 March 2021 and complies with information comprises the Chairman’s the applicable requirements of Section Statement, Chief Executive’s Review and 76 of the Building Societies Act 1986, Directors’ Remuneration Report. and the regulations made under it.

This statement, including the opinion, has been prepared for and only for PricewaterhouseCoopers LLP the Society’s members as a body in Chartered Accountants and accordance with Section 76 of the Statutory Auditors Building Societies Act 1986 and for no Milton Keynes other purpose. We do not, in giving this 20 May 2021 opinion, accept or assume responsibility

26 27 Directors’ Remuneration Report (cont)

Remuneration Committee Executive Directors The principal function of the Remuneration Committee is to set the over-arching The remuneration for Executive Directors reflects responsibilities and roles within the principles, parameters and governance framework of the Society’s remuneration Society. The total emoluments package is set by the Remuneration Committee with policy, principles and practices such that they support the long-term success of the constituent elements of salary and benefits being agreed between the Committee Society and attract, retain and motivate Directors and Senior Management of the and the individual Director. Benefit packages are designed to motivate decision quality required to achieve its strategic initiatives and business objectives. making in the interests of members.

The Committee meets at least twice a year and membership comprises all Non- Jeremy Wood, Kieron Blackburn and Samantha Ward have service contracts dated Executive Directors. Tariq Khatri is Chair of the Committee. The Executive Directors 17 May 2012, 13 July 2020 and 3 February 2020, respectively. Twelve months’ notice and the Head of Strategy and Organisational Development attend by invitation. No is required to be given by the Society to Jeremy Wood and six months’ notice by Director or manager is involved in any decisions about their own remuneration. the individual. Six months’ notice is required to be given to Samantha Ward and six months’ notice by the individual. Kieron Blackburn is subject to a one-year fixed term The main responsibilities of the Committees are as follows: contract and requires three months’ notice by the Society and three months’ notice • Ensure that a transparent, stretching and rewarding performance management by the individual. There are no contractual arrangements in respect of bonuses, structure is in place and provide oversight of this structure to ensure that it is deferred consideration or amended arrangements in the event of a transfer of applied rigorously and fairly; engagement.

• Ensure that the remuneration and benefits awarded are aligned with the Jeremy Wood and Samantha Ward receive access to a healthcare cash plan, Society’s budget and consistent with industry standards; and receive private healthcare cover and have access to an online portal offering • Approve the design of, and determine targets for, any performance related a range of retail discounts. Samantha Ward is the only Director enrolled into the pay schemes operated by the Society and approve the total annual payments Society’s pension scheme and receives 11% employer contribution. made under such schemes. Details of Executive Directors’ remuneration can be found in Note 7 to the Accounts. The Committee reviews Director and Senior Management remuneration annually using data from comparable organisations and takes advice from external Basic Salaries consultants when appropriate. Minutes of the meetings are distributed to all Basic salaries are reviewed annually by undertaking an external benchmarking Committee Members and matters escalated to the Board as and when necessary. exercise which compares salaries in similar organisations.

Non-Executive Directors As part of its approach to mitigate conduct risk exposure, the Society does not award bonuses or incentives linked to sales performance or lead generation to any Non-Executive Director fees are based on comparable data from similar financial of its employees or Directors. services organisations and are considered in consultation with the Chief Executive. Remuneration comprises a basic fee with supplementary payments for Committee Chairs. Non-Executive Director fees are not pensionable, nor do the individuals participate in any incentive schemes or receive any other benefits. Non-Executive Tariq Khatri Directors have formal contracts of service. Chair of the Remuneration Committee 20 May 2021 Details of Non-Executive Directors’ remuneration can be found in the Society’s Annual Report and Accounts.

28 29 Jeremy Wood forfeited £10,000 of salary in 2018/19 in respect of his Non-Executive Remuneration of and position outside of the business as agreed by the Board. In 2019/20 the Board decided that this arrangement should be discontinued and an adjustment made Transactions with Directors to his 2018/19 deduction in line with the Non-Executive salaries. Therefore a net £1,250 was repaid in 2019/20 and no further deductions made. REMUNERATION OF DIRECTORS Group 2021 Group 2020 Directors’ loans and transactions £000s £000s At 31 March 2021, there was one (2020: two) outstanding mortgage loans granted Directors’ emoluments in the ordinary course of business to Directors or connected persons amounting to £210,317 (2020: £304,355). Services as Directors (Non-Executive Directors) 190 168

Services in connection with Management (Executive Directors) 590 437 A register is maintained at the Principal Office of the Society, under Section 68 of the Building Societies Act 1986, which shows details of all loans, transactions and 780 605 arrangements with Directors and their connected persons. A statement of the Details of individual Directors’ emoluments are as follows: 2021 £000s 2020 £000s appropriate details contained in the Register, for the financial year ended 31 March Non-Executive 2021 will be available for inspection upon request for a period of 15 days up to and

David Milner (Retired: 16/07/2020) 16 47 including the Annual General Meeting.

Paul Doona 37 36

Jim Muir (Retired: 25/09/2019) - 15

Zamir Chaudhry 31 29

Tariq Khatri 32 28

Peter Hubbard (Joined: 16/01/2020) 43 7

Nicole Coll (Joined: 16/01/2020) 31 6

Total 190 168

Non-Executive Directors receive only fees for their services.

Pension Salary Bonus Benefits Contributions Total 2021 £000s £000s £000s £000s £000s Executive Jeremy Wood 245 - 1 - 246

Darren Garner (Resigned 16/07/2020) 80 - - - 80

Samantha Ward 104 - 1 11 116

Kieron Blackburn (Joined 13/07/2020 Appointed Director 17/07/2020) 148 - - - 148

Total Executive 577 - 2 11 590

2020

Executive Jeremy Wood 233 - 1 - 234

Peter Beddows (Retired 14/02/2020) 142 - - - 142

Darren Garner (Joined 03/02/2020) 42 - - - 42

Samantha Ward (Appointed Director: 01/02/2020) 17 - - 2 19

Total Executive 434 - 1 2 437

30 31 If you change your mortgage List of Charges Please note if you change to a new product, the ‘before your first monthly payment’ fees may also apply at this stage. Change of When you ask us to switch your mortgage from repayment to interest only or EFFECTIVE FROM 1ST JULY 2021 repayment £50 vice versa. The latest version of our List of Charges will always be available on our website and a method printed version is available upon request. Change of term When you ask us to change your mortgage term. £50 Assessment of We want you to be aware of the circumstances in which you may incur a fee. a subsequent Charged when we assess a request for a subsequent charge. £100 Detailed below is our latest List of Charges, which are subject to change from time to charge request time. A copy of the latest List of Charges will be sent to you each year, except where This fee is product specific there have been no changes and no new fees introduced. You may have to pay this if you repay your mortgage in full during a period in – please refer to Early repayment which a special rate is applied to the mortgage contract. (e.g. while you’re on the documents charge a fixed or tracker interest rate). provided when Mortgage Fees your mortgage was agreed Name of Fee When is this fee payable Amount This fee is Before your first monthly payment product specific – please refer to These are the fees and charges you may have to pay before we transfer your mortgage funds. Overpayment You may have to pay this if you repay more than your mortgage contract the documents Additional charge allows. Charged for processing an application for additional borrowing. £80 provided when borrowing fee your mortgage Collected with the valuation fee for processing an application for a was agreed Application fee £125 mortgage. Giving you a When completing a Mortgage Reference or Questionnaire request from £25 You will normally instruct a Solicitor to act on your behalf in connection with reference another lender. your home purchase or remortgage transaction. You may be required to pay Letting your This fee is charged when we assess your request to let your property. £100 their legal fees and costs as part of their work on your behalf. These fees / property costs are normally charged by the Solicitor, directly to you unless we tell you Payable if you want to release part of the mortgaged property or land. It that we will contribute to the legal costs as part of your product deal. The £500 Partial release of Legal fee covers administration costs, including sealing the relevant legal deed and £100 Society operates an approved panel of Solicitors which are available for you (Approximate) property to choose from. Should you wish to choose a Solicitor from our Panel, you will issuing letters of consent. be required to pay the costs incurred. Details of charges will be sent to you If you are unable to pay your mortgage prior to commitment. You may choose to appoint your own Solicitor in which These are the most common charges you may have to pay if you fail to keep up with your mortgage case you will be responsible for the fees incurred. payments. Some charges, for example those covering unpaid/returned Direct Debits or Cheques, occur at the early This fee is stages of your inability to pay (arrears). Other charges, for example, relating to our repossession of the property, This is charged on some mortgages as part of the deal. It can be paid up- product specific may apply later in the process and will be dependent on your circumstances. front or added to the total mortgage amount. If you add it to your mortgage, – please refer to How much is Arrangement fee Name of Charge What this charge is for? you’ll pay interest on it at the same rate as the rest of your borrowing. It might the documents the charge? be a flat fee, or a percentage of the loan amount. provided by Charged to your account if it is more than one month in arrears, and there your advisor Arrears charge is no arrangement made and maintained with the Society to repay the £20 per month If your mortgage is released in stages and you’re using it to renovate your outstanding balance. Re-inspection fee home, this covers the new valuation we need to do after the works carried £80 If we need to instruct Solicitors to commence court action to recover monies out. Legal owed by you. You will also be liable for the Solicitor’s fees and any other costs £100 proceedings fee From time to time a Re-valuation of your property may be required. incurred by us. Re-valuation fee This usually occurs upon a request for a contract variation or additional £150 If we are forced to take possession of the mortgaged property to recover borrowing. Fees will be communicated prior to commitment. Repossession fee monies owed by you. You will also be liable for all other costs incurred by us in £250 Our valuation report, which is used to calculate how much we will lend you. obtaining possession of and selling your property. This is separate from any valuation or survey of the property you might want Please refer to A visit to your home conducted by a Society representative typically if your to commission. There are other homebuyers or structural survey options Valuation Fee Valuation fee Home Visit account is in arrears or you have a balance remaining at the end of your £200 available to you at a cost and there may be different approaches in different Scale provided mortgage term which you have not repaid. parts of the UK. Some mortgages offer free valuations – the product details by your advisor for your mortgage will tell you if this is the case. If you ask us for extra documentation and/or services beyond the standard management of your account Copy extract Charged for retrieving your title deeds and photocopying requested extracts. £25 from title deeds Redemption If you or your Solicitor request a statement to repay the mortgage. £50 statement

32 33 Ending your mortgage term This fee becomes payable when: • Your mortgage term comes to an end; • You transfer the loan to another lender; or • You transfer borrowing from one property to another. Discharge fee This is payable either at the end of the mortgage term, or before the end £125 of your mortgage term if you transfer the loan to another lender or another property (known as ‘redemption’). You may be charged a separate fee by your Solicitor or licensed or qualified Conveyancer for their work relating to Get in touch redemption of the mortgage and discharge of the security. Other mortgage related fees Principal Office Opening hours* Approximately Dudley Building Society £75 – this is Contingency Whilst you hold a Mortgage account with us, you agree to keep the Property dependent 7 Harbour Buildings, The Waterfront, Monday, Tuesday, Thursday buildings insured to its full rebuilding cost. If you do not or are unable to obtain upon the cost insurance fee insurance then we will need to insure our interest. Brierley Hill DY5 1LN and Friday: 9.00am - 5.00pm of insuring your property 01384 231414 Wednesday: 9.30am - 5.00pm Leasehold When we are requested to make payment of unpaid lease charges. £50 [email protected] Saturday: 9.00am - 12.00pm servicing fee Unauthorised Sunday: Closed letting/breach If you let the mortgaged property or breach the conditions of the mortgage £200 of mortgage without our prior written consent. Brierley Hill conditions 107 High Street, Brierley Hill DY5 3AU

01384 70420 *Branch opening hours - Due to COVID-19, Savings Fees [email protected] there may be periods when branch opening hours are reduced or changed. Name of Fee When is this fee payable Amount Please monitor our website and social media channels to check the opening Accountant’s/ If asked to provide detailed information relating Dudley times and status of your local branch. audit £20 to a savings account. letter Dudley House, Stone Street, Dudley DY1 1NP Charged when we need to close an ISA account because you already hold ISA void £25 01384 253034 an ISA with another provider. [email protected] Lost passbook When a replacement passbook is requested by you. £10 Stay in touch Kingswinford From time to time, we’d like to General Fees 1 Townsend Place, Kingswinford DY6 9JL contact you with all the latest Name of Fee When is this fee payable Amount 01384 278326 news and updates from Dudley If you (or your conveyancer) request money to be sent by Telegraphic Building Society. Transfer or BACS when mortgage funds are released, or sent by Telegraphic [email protected] Funds transfer fee £25 Transfer for savings funds. Faster payments for savings are free of charge for We think it is important for us transfers between £25 and £100,000. to stay connected and for you Returned Perton Where a Cheque or Direct Debit is returned unpaid Cheque/Direct £12 to get the most out of your by your bank. 6 Anders Square, Perton WV6 7QH Debit membership. This fee covers the administration costs of providing a copy of a cheque 01902 755540 Copy cheque fee £6 Please ensure your marketing issued from a savings account. [email protected] preferences and contact details are up to date when talking to Gornal Wood a member of our team or by Important Information 20 Abbey Road, Gornal Wood DY3 2PG registering with us online. There may be other fees and charges (not listed above) which are made by the Society for providing additional services and we will notify you of these at the time the service is requested. 01384 214671 dudleybuildingsociety.co.uk [email protected] Please note that due to the manner in which interest is charged on a mortgage account, if the fee is added to your account we will not charge interest on it provided it is paid before the end of the month. If it is not, it will become part of the balance on which we will charge interest for as long as the amount remains unpaid.

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Dudley Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (registration number 161294).