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West Brom reports small dip in annual mortgage lending

  • 27/11/2015
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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.

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