The mutual noted 67 per cent of loans for house purchases supported first-time buyers onto the property ladder, this is up from 54 per cent in 2021-2022.
West Brom said that it delivered a statutory profit before tax of £31.8m, which is up from £23.2m the year prior.
New SVR policy
The lender said that during the year it had aligned its standard variable rate for existing members to that of new mortgage members, so the SVR would be determined by loan to value (LTV).
It said that around 90 per cent of its owner occupier mortgage members on its SVR reported savings, with most seeing a cut of around 0.75 per cent. A borrower could save around £1,400 each year for each £100,000 borrowed versus the average market SVR of 7.12 per cent.
The mutual added that it no longer charges any arrears fees to members who are unable to meet their mortgage payments.
Building momentum
West Brom’s chief executive Jonathan Westhoff (pictured) said: “Living costs look set to remain elevated for some time to come, maintaining the pressure on households and businesses alike.
“We will continue to use our financial strength responsibly to support our members, colleagues and communities through these challenging times, helping people to stay in their homes and save for the future where possible.”
He added: “Recent years have built significant momentum, not measured by our size or profitability, but by the true value we deliver to our members, and I look forward to working with my new and existing colleagues to deliver even more purpose-led innovations as we approach 175 years of mutuality at the West Brom.
