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West Brom BS reports gross mortgage lending of £837m

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  • 31/05/2018
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West Brom BS reports gross mortgage lending of £837m
West Bromwich Building Society has increased its residential mortgage lending by 18%, particularly to first-time buyers as it reports pre-tax profits of £8.8m.

 

 

Gross residential mortgage advances hit £837m with lending to first-timers at £265m for the year, the highest in the building society’s history, according to its annual results.

West Brom chief executive Jonathan Westhoff, said: “Pivotal to the West Brom’s success is our focus on lending to customers to support their plans for home ownership, which has grown for the fifth year in succession.

“We have responded to customer demand to assist first-time buyers by increasing our maximum loan to value ratio to 95%. We also added a government-backed Help to Buy ISA account to our savings portfolio for those who want to buy their own home but still need time to raise a deposit.

“With the society’s new lending to first-time buyers now at record levels, our commitment to this market sector is clear to see,” he added.

Technology advances

The West Brom is the UK’s seventh largest building society with 37 branches and around 434,000 members.

Westhoff said: “New technology and the drive to digitalisation must be firmly on our radar. This is a challenge we are already responding to so that our overall proposition continues to meet the needs of our members, both present and future.”

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