The mutual lent to more than 5,500 mortgage borrowers last year and 85% was made up by homebuyers.
The West Brom said it also supported standard variable rate (SVR) borrowers by saving them around £1,200 per year when compared to the market average, by offering lower rates to those with higher levels of equity at the end of their mortgage deal.
It reported a pre-tax profit of £33.6m, down from £36.5m the year before, while its Common Equity Tier 1 (CET 1) capital ratio rose to 17.2%, saying its capital strength would help the mutual support more people to buy their homes. The West Brom also plans to continue investing in modernising its digital and technology platforms to deliver products and services to customers.
Jonathan Westhoff, chief executive of West Brom Building Society, said: “In what’s been a challenging market, our society’s strong performance reflects our clear focus on doing the right thing for our members. Maintaining over £1bn in new lending while increasing our support for first-time buyers shows we’re delivering where it matters most, helping more people buy their first home.
“We’re proud of the progress we’ve made, but we’re not standing still. We’re continuing to invest in our communities, our people and our digital transformation, so that we can offer even greater choice, flexibility and support for our members now and into the future.”
£2.5m paid to help broker clients benefit from greener homes
Sponsored by Halifax Intermediaries
