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The West Brom completes £458m in new lending

  • 30/11/2023
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The West Brom completes £458m in new lending
The West Brom completed £458m in new mortgage lending for the six months to September 2023, a 66 per cent rise from last year.

The value of its new lending applications came to £945m in the six months to 30 September, up from £609m in the same period last year.

The firm added that net lending to owner occupiers came to £161.8m, which it said contributed to the growth in its mortgage book.

Lending to first-time buyers represented 62 per cent, slightly down from 68 per cent last year. This equated to 1,398 first-time buyers.

The company’s statutory profit before tax was £13.6m for the period, which is a decrease from £18.1m in the same period last year.

The mutual attributed this to “strong net interest income which outweighed the impact of lower fair value gains and a reduction in the value of investment properties”.

Jonathan Westhoff (pictured), chief executive of The West Brom, said: “We’re pleased to report another strong performance, despite the wider economic challenges that have persisted over the last six months.

“Stubbornly high inflation and volatility surrounding interest rates have created pressures within the market, throughout which we are proud to have supported our borrowers, whilst also ensuring our saving members receive excellent value.”

He added: “Rather than slowing down throughout this period of instability, we have increased our activity, invested further in our people and supported even more people on their route into home ownership.”

Westhoff said that September was the biggest ever month of mortgage applications and said that it had maintained that average standard variable rate at “well below the industry average through the period”.

“We expect the market to remain uncertain for some time, as the elevated cost of living continues to impact the economy. A combination of our strong financial position and our overarching purpose to help people own a home and save for the future, will guide us in supporting existing and future members through these unpredictable times,” he noted.

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