West Brom Building Society has reported record levels of new lending for homeownership, up 19% year on year, to £1.3bn, supporting over 6,000 first-time buyers, a 34% increase.
Over 2,600 customers were supported into shared ownership, with lending via this route increasing by 29% year on year.
Savers were also rewarded, earning £41.8m more interest than if they’d received the market average savings rate.
Savings balances rose by 9% as more members chose to save with the West Brom.
Meanwhile, pre-tax profits rose by 14% to £36.5m, helping maintain a strong Common Equity Tier 1 (CET 1) capital ratio of 17.1%.
Jonathan Westhoff, chief executive officer at West Brom Building Society, said: “This year’s results reflect the real difference we’re making for our members, particularly savers and first-time buyers.
“I’m pleased we’ve continued to strengthen our support for customers across the board.
“We’ve helped over 6,000 first-time buyers, over a third (34%) more than this time last year and we’ve seen an increase in the popularity of specialist lending options, such as low deposit new build mortgages and shared ownership.
“Our market-first approach to Standard Variable Rate (SVR) means existing customers who have a higher amount of equity in their homes can have a reduced rate at the end of their mortgage deal, meaning they would save on average £1,300 a year compared with an average market SVR.”
“We’ve also continued to support savers, helping them earn £41.8m more in interest than if they’d received the market average rate, with balances increasing 9% year-on-year to £5.1bn.
“And we’re pleased to have welcomed over 13,500 new savers to the society, an increase of more than a third from the previous year.”
He added: “Beyond the numbers, we continue to make a positive difference in our communities. This year we’ve provided nearly £50,000 in funding to local charities, while colleagues volunteered more than 1,800 hours on local projects and delivered financial education sessions to over 2,000 children and young adults in our heartlands.
“We’re proud that our partnership with Birmingham based charity Jericho is helping support employment opportunities for those who may struggle to enter employment.
“We became the first building society and West Midlands employer to achieve all three accreditations from the Living Wage Foundation, including: Living Pension, Living Hours, and Real Living Wage. This is part of our commitment to fair pay, secure hours and a strong pension for our people.”
Westhoff concluded: “It’s encouraging that our commitment to our customers has been highlighted through delivering excellent customer service, with recognition like our Feefo Gold Trusted Service Award and winning the Moneyfacts First-Time Mortgage Buyers’ Choice Award for a second year running. This tells us we’re getting it right.
“Our results allow us to invest further in our infrastructure and services to support customers now and into the future.
“I’m pleased with what we’ve achieved this year, and as we look ahead to what will be a challenging market environment this year, we’ll remain focused on continuing to deliver our Purpose, while remaining resilient in a changing financial landscape.”
