The West Bromwich is a mutual building society. It has been this way for over 150 years and is committed to staying mutual. They don’t have to pay dividends to outside shareholders. As such West Bromwich are able to pass on more of their profits to members in the form of better interest rates and additional benefits for loyal members through the privileged Membership Scheme. It also means that they can continue to operate for the best interests of members and local communities, as all local branches are actively involved with their local community.

West Bromwich is the ninth largest building society in the UK and has over £5 billion in assets. It employs over 800 people, and operates 50 branches mainly in its West Midlands heartland, including 3 mortgage offices in key cities nationally.

West Bromwich has a wide variety of mortgage products:

Fixed rates
Discounts rates
Cashback offers
Base rate trackers
Flexible mortgages that change to suit your lifestyle
Offset loans, so you can use your savings to save money on your mortgage
Muslim Mortgages
Shared Ownership
Buy to Let

West Bromwich generally lends 4 times your income. The amount you can borrow will depend on how much you can afford to put as a deposit and on the value of the property you want to buy.

There are two ways to repay your loan: Interest Only and Capital repayments

Interest Only this payment only covers the interest charged on your loan and does not pay back any of your mortgage capital. It is worked out in two ways:

Annual: Each year the Society calculates the interest charge for the next year based on the balance outstanding at the end of the previous fiscal year.

Daily: The charged interest is calculated daily and debited to your account at the end of each month. Should you overpay your mortgage, you will instantly benefit from these overpayments. If you underpay, interest will accrue immediately on the outstanding amount.

Capital Repayment this covers both the interest payment and an agreed amount of the loan.

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT MAINTAIN YOUR MORTGAGE REPAYMENTS.