Some 71% of mortgages were provided to first-time buyers, up from the two-thirds lent to these borrowers in 2024. West Brom Building Society said over half of these were through its low-deposit mortgage and shared ownership options, which reflected its commitment to helping people become homeowners.
Lending through the low-deposit and shared ownership ranges accounted for 54% of mortgages lent to first-time buyers, up from 50% previously. Earlier this month, West Brom Building Society launched remortgage options for shared ownership borrowing.
West Brom Building Society reported a pre-tax profit of £17.4m, up from £17.2m in 2024, and said it maintained a strong capital position, which would help the mutual to deliver its purpose and support more people buying a home.
Jonathan Westhoff, chief executive of West Brom Building Society, said: “These results reflect the real and positive difference we continue to make for our members. Despite ongoing uncertainty in the wider market, we’ve remained focused on supporting aspiring homeowners and rewarding loyal savers.
“We’re proud that over seven in 10 of new mortgages were to first-time buyers, a clear sign that our purpose-led approach is delivering real impact. We’re committed to supporting first-time buyers and enabling homeownership in all its forms, including shared ownership, 95% mortgages, and other accessible options. Our strong financial performance and capital position means we can also continue to invest in the digital transformation programme we’re undertaking and help support more customers with their savings and mortgage lending in the future.”
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He added: “We continue to actively support our communities, with colleagues contributing their time, skills and resources to support local causes and financial education initiatives across our heartlands. During the first half of the year, we’ve supported more than 30 local charities through fundraising, grants and donations and have contributed over 1,380 (30 September 2024: 790) volunteering hours. I’m pleased our ongoing investment in our people and culture has been recognised as we were named one of The Sunday Times‘ Best Places to Work 2025.
“Going forward, we’ll continue to engage with policymakers and sector partners to ensure the value of saving and the role of building societies stay firmly on the agenda. Our digital transformation programme remains a key priority, helping us improve efficiency, enhance member experience, and meet the evolving needs of future customers, whilst continuing to offer traditional services through branches and on the phone.”
