You are here: Home - News -

West Brom reports small dip in annual mortgage lending

by:
  • 27/11/2015
  • 0
West Brom reports small dip in annual mortgage lending
The West Brom has announced gross mortgage lending of £295m in the year to 30 September, down from 2014’s result of £300m.

Despite a marginal decrease, The West Brom said it was ‘well on track’ to exceed the full-year figure of £446m in completions recorded for 2014/15.

It explained that its increased presence and growing reputation in the intermediary sector will enable its lending to be offered across a wider geographical area.

Arrear levels at the lender since it re-entered the market in 2012 are ‘negligible’ with none of its accounts currently at three months or more in arrears.

Chief executive Jonathan Westhoff said that in light of a Bank rate rise anticipated for 2016, its customers would be well positioned to cope having followed ‘a prudent lending policy with sensible affordability rules’.

“All lending undertaken since the Society re-entered the mortgage market over three years ago has been subject to strict credit criteria and as a result there are no accounts at three months or more in arrears at 30 September 2015 on loans originated in this period,” he said.

“I am pleased with the continued progress that the Society has made in the first six months of this financial year. We expect to see further growth in our residential lending and we continue to invest in our mortgage and savings systems to enable us to process and fund additional lending.”

Profit before tax remained stable at the building society at £6m, unchanged from a year earlier, while its net interest margin rose to 1.08%, up from 1.05% during the 12 months previous.

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.

Profiles

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.

Marketwatch

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.

Poll

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:
empty wallet
‘We’re all in this together?’ – Star Letter 27/11/2015

Each week, we round-up the best comments, emails and letters to the site and pick one reader contribution as our...

Close