Record new lending fuels 34% growth of first-time buyers as West Brom Building Society reports strong year
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.
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Savers were also rewarded, earning £41.8m more interest than if they’d received the market average2 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%, allowing the Society to support more people to buy their own homes and continue its investment to deliver on what customers need for the future.
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 SVR1.
“We’ve also continued to support savers, helping them earn £41.8m more in interest than if they’d received the market average2 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.
“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.
“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.”
Key highlights to March 2025
Record new mortgage lending - £1.3bn (2023/24: £1.1bn)
Achieved record level of lending for homeownership, including increased mortgage lending for homeownership by 19%, helping 6,267 first-time buyers buy their own home, 34% more than last year.
Borrowers saved around £1,300 a year
Market-first approach to Standard Variable Rate (SVR) means existing mortgage customers who have a higher amount of equity in their homes can have a reduced rate at the end of their mortgage deal.
On average an SVR customer at the West Brom would save around £1,300 a year compared with an average market SVR1.
Benefits to savings customers
Savers earned a total of £41.8m more interest than if they’d received the market average2 savings rate (2023/24: £38.6m). Welcomed over 13,500 new savers (2023/24: over 10,000), an increase of more than one third.
Savings balances
Savers’ balances grew to £5.1bn (2023/24: £4.7bn), a 9% uplift on last year.
Community
Contributed nearly £50,000 to support local charities and communities, with over 1,800 hours volunteered on community projects.
Accreditations: Living Wage Foundation
Became the first building society in the UK, and first employer in the West Midlands, to be awarded all three accreditations from the Living Wage Foundation – including: Living Pension, Living Hours, and Real Living Wage.
Profit before tax
Profit before tax grew by 14% to £36.5m, helping maintain a strong Common Equity Tier 1 (CET 1) ratio of 17.1%.
Outstanding customer experience
Net Promoter Score (NPS) increased to +76 (2023/24: +75) and the Society was awarded the Feefo Gold Trusted Service Award 2025.
Award winning
Awarded the First-Time Mortgage Buyers’ Choice award for the second year in a row, and highly commended as ISA Provider of the Year at Moneyfactscompare.co.uk awards 2025.
For more information visit westbrom.co.uk
Footnotes:
1 Based on the average loan balance for a Society SVR borrower at 31 March 2025. Average market reversion rate of 7.68% sourced from Moneyfacts March 2025. Average Society rate based on SVR borrowers as at 31 March 2025.
2 Average market rates sourced from Bank of England Bankstats table A6.1 March 2025.
