You are here: Home - News -

Finishing touches put to West Brom BS brand

  • 31/01/2003
  • 0
West Bromwich Building Society is finalising plans to launch an intermediary-facing subsidiary brand...

West Bromwich Building Society is finalising plans to launch an intermediary-facing subsidiary brand in the autumn.

The subsidiary will be called ‘New World’ ‘ the brand it acquired last year from the Commonwealth Bank of Aus-tralia when the Antipodean lender left the UK market.

New World will form part of the West Bromwich Mortgage Company, a subsidiary company set up in 1995 to acquire mortgage portfolios. When the Society acquired the brand name last year, it also acquired a £100m mortgage portfolio, and the subsidiary now has over £400m in assets on its balance sheet. It intends to develop its offering to intermediaries and offer more keenly-priced products.

Gary Cowdrill, finance director at West Bromwich BS, said: ‘We started work on this a few months ago, but it will not be ready for the spring rush, so we will wait until autumn to launch. It will offer similar products as West Brom ‘ prime residential ‘ but there will also be some flexible and some self-certification products. The difference is that it will not confer membership rights on borrowers and will be more tailored towards intermediaries, so will have finer pricing.’

It is the intention of the Building Society that loans signed to New World will be securitised, to remove them from West Bromwich’s balance sheet.


There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.


Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.


Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.


Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
  • RT @robjupp: Great day yesterday for donations to @MortSleepOut. With Gift Aid, we are now close to £17,000. It would be great to get to £2…

Read previous post:
The balance of power

Following the sea change prescribed in 2002, what developments will we see this year that could tip the balance of...