West Bromwich Building Society has announced that gross residential mortgage advances grew by 18% to ?£837m in the financial year ended 31st March 2018.
Contributing to that growth was ?£265m of new lending to first-time buyers (FTBs), the highest in the building society's history.
As well as the surge in lending, the West Brom also reported pre-tax profits of ?£8.8m.
Jonathan Westhoff, chief executive at the West Brom (pictured above), said its focus on lending to customers to support their plans for home ownership was pivotal to its success.
â€œWe have responded to customer demand to assist first-time buyers by increasing our maximum loan to value ratio to 95%.
â€œWe also added a government-backed Help to Buy Isa account to our savings portfolio for those who want to buy their own home, but still need time to raise a deposit.
â€œWith the society's new lending to first-time buyers now at record levels, our commitment to this market sector is clear to see.
â€œWhile the West Brom's focus on helping borrowers and savers is very much in line with our mutual heritage, we have to recognise that we operate in a fast-changing retail environment.
â€œNew technology and the drive to digitalisation must be firmly on our radar.
â€œThis is a challenge we are already responding to so that our overall proposition continues to meet the needs of our members, both present and future.'
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