Boost in new lending helps over 6,000 first-time buyers onto the property ladder
West Brom Building Society has posted record new mortgage lending figures for the year ending March 2025, with total lending reaching £1.3 billion, a 19% increase from the previous year.
The mutual helped 6,267 first-time buyers purchase homes over the year, marking a 34% rise from 2023/24. The growth reflects increased demand for specialist lending products, including low deposit and shared ownership mortgages.
The lender’s approach to Standard Variable Rate (SVR) lending also saw customers benefit from reduced rates based on home equity levels. According to West Brom, this translated to average annual savings of approximately £1,300 compared with the broader market.
Meanwhile, pre-tax profit rose by 14% to £36.5 million, supporting a strong capital position with a Common Equity Tier 1 ratio of 17.1%.
“This year’s results reflect the real difference we’re making for our members, particularly savers and first-time buyers,” said Jonathan Westhoff, chief executive at West Brom Building Society. “I’m pleased we’ve continued to strengthen our support for customers across the board.”
West Brom also reported that customer satisfaction scores remained high, with its net promoter score rising to +76. The organisation received the Feefo Gold Trusted Service Award and won the Moneyfacts First-Time Mortgage Buyers’ Choice Award for a second year.
“Our results allow us to invest further in our infrastructure and services to support customers now and into the future,” Westhoff said. “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.”
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