Your guide to the West Brom for intermediaries

Intermediaries play a major role by bridging their clients to lending companies in the United Kingdom. To do this, mortgage brokers must collaborate with banks and lenders that offer plenty of mortgage solutions that fit their clients’ needs

The West Brom for Intermediaries is a mortgage lender that recognises the complexities and uniqueness of every mortgage applicant. They provide the standard mortgage products available in the country, along with a variety of other choices to meet different client needs. This allows the West Brom team to connect intermediaries with the best mortgage program based on their client’s financial capacity and personal circumstances.

In this article, Mortgage Introducer will share everything you need to know about the West Brom for intermediaries. We will present what they can do to aid intermediaries in the UK, and we’ll include an overview of their mortgage products. Find out if the West Brom is a good fit for you and your clients.

What is the West Brom for intermediaries?

The West Brom for intermediaries is the trading name of the West Bromwich Building Society. It is the eighth largest building society in the UK.

History of the West Bromwich Building Society

The West Brom Building Society was formed in 1849 in West Bromwich, England. It marked its 175th anniversary in April 2024, making it one of the oldest existing building societies in the country.

The Prudential Regulation Authority has authorised the West Bromwich Building Society to operate under its supervision. Their products and services are also regulated by the Financial Conduct Authority, ensuring that their dealings with clients are fair. The West Bromwich Building Society is a member of the Building Societies Association.

As a local building society, the West Brom is one of the leading financial institutions in the Black Country and Birmingham. They cater to borrowers who are looking for services such as:

• property loans
• fixed rate bonds
• children's accounts
• easy access accounts
• individual savings accounts (ISAs)

What can the West Brom do for intermediaries?

With an exclusive platform for mortgage brokers, this lender provides easy access to their extensive line of mortgage products and broker tools. The West Brom team also prides themselves on being intermediary-focused. According to their website, over 90% of their lending activity is through their intermediary channel.

Before we dive into their mortgage products, here are other services that the West Brom offers for their intermediary partners and financial advisors:

• investments
• insurance protection
• financial planning

For aspiring mortgage brokers who wish to become part of the top intermediaries in the UK, the West Brom has the tools you need to boost your career.

Products offered by the West Brom for intermediaries

The West Brom for intermediaries categorises their mortgage products to cater to clients of their new and existing broker partners. They have the standard Residential and Buy to Let mortgages for typical property buyers. Here are six of their flagship mortgage products:

1. Residential Purchase
2. Residential Remortgage
3. New Build
4. Product Switch
5. Shared Ownership
6. Interest Only

Let’s explore each of the West Brom’s property loan offerings below:

1. Residential Purchase

Residential Purchase mortgage is offered by the West Brom to intermediaries with clients who want to buy property for residential purposes. It is available only on a repayment basis and its interest will be charged on the date of redemption. The maximum loan-to-value (LTV) ratio available for this mortgage is 75% up to 95%.

Early repayment charges (ERC) will apply for any payments made that exceed the overpayment allowance. The same is true if the mortgage term ends earlier than the allotted timeframe. The ERC charge for the initial year of a 2-year fixed deal period under Residential Purchase mortgage is 3%. For 3-year and 5-year deals, the charges are 4% and 6%, respectively.

2. Residential Remortgage

This mortgage product has the same requirements for ERC as the Residential Purchase mortgage. It is also offered on a repayment basis only. However, the maximum LTV ratio is up to 90%. Applicants can expect a cashback of £500 for 2-year, 3-year, and 5-year deals. As for the interest, it is charged on all fees added to the property loan.

West Brom for intermediaries’ Residential Remortgage service is for clients who want to change their existing home loan to a West Brom mortgage product. For current West Brom intermediary partners with clients who want to renegotiate their mortgage terms, this product is also applicable.

3. New Build

The New Build mortgage is available for applicants with temporary employment and zero hours contracts. It is also offered to those entering into new employment contracts and fixed term contracts.

Do you have clients who have foster and maintenance allowances? You can inform them that that type of income can be accepted by the West Brom. Clients are also offered a mortgage term of up to 40 years under this home loan option.

Learn more about New Build mortgages when you watch this clip:

To find out how the West Brom’s mortgage rates compare against others in the industry, visit our mortgage rates page regularly. These rates are updated weekly, so you’re sure to receive the latest figures to share with your clients.

New Build mortgage applicants with Tier 2 visas (Skilled Worker visa) will have a 75% maximum LTV ratio. The same is true for applicants with pre-settled status of residency. On the other hand, those with settled status can enjoy up to 95% LTV ratio with the West Brom’s New Build mortgage.

4. Product Switch

If your clients want to apply for a new home loan arrangement with the West Brom, you can help them with this lender’s product switch service. This mortgage product is for current clients who already have a mortgage deal with the West Brom.

If your clients want to borrow additional funds or change their mortgage term, the West Brom can assist with that as well. The product switch service is only available to intermediary partners with clients that have a residential mortgage with the West Brom.

The Product Switch service has a maximum LTV ratio of 100% for a 2-year deal period. The maximum home loan is £1 million. The ERC requirements are similar to that for Residential Purchase and Residential Remortgage.

Requirements for Product Switching with the West Brom

Intermediaries can make a product switch for their clients through the West Brom’s product switch portal if the following requirements are met:

• they hold only one sub account
• they pay their mortgage by Direct Debit
• they have a standard residential mortgage account
• they do not exceed the number of applicants allowed
• they have a mortgage deal that will end in the next four months
• they are not amending their existing term or applying for additional borrowing
• they have a mortgage deal that is currently on the West Brom’s Standard Variable Rate

5. Shared Ownership

Do you have clients who want to buy part of a property through a lease? You can apply for Shared Ownership with the West Brom for intermediaries to help them. This arrangement is usually from a housing association or local authority, which keeps the rest of the ownership. Over time, your clients can increase their share of the property— this process is called staircasing.

Curious about how Shared Ownership properties work and if they are worth it? Watch this:

The West Brom for intermediaries will not accept Shared Ownership applications in these sites due to exposure limits:

• Strand View
• Daleside Road, Nottingham (Post codes: NG2 3LR, NG2 3LZ, and NG2 3GG)

6. Interest Only

The West Brom offers a variety of Interest Only purchase and remortgage products to support your clients' needs. You can secure an Interest Only property loan with a maximum LTV ratio of up to 60%. The mortgage term can last for 25 years.

An Interest Only mortgage is a type of loan where the borrower will only pay the interest for a set period. This means that if you apply for this type of mortgage on behalf of your clients, their monthly payments are lower. This is because they are not paying for the principal.

However, you must remind your clients that when their mortgage term ends, they need to repay the original loan amount in full. This can be done through savings, investments, or refinancing.

Mortgage applicant types

Since most clients are either first time or next time property buyers, the West Brom has designed their mortgage products to cater to them. Property investors as well as landlords are also welcome. However, mortgage applications submitted by guarantors will not be accepted.

Available lending schemes

Only two lending schemes are accepted by the West Brom for intermediaries: Shared Ownership and Shared Equity. Since we have already discussed Shared Ownership above, we will move on to Shared Equity.

Here are the terms set by the West Brom for this lending scheme:

• subject to product availability
• has a maximum term of 35 years
• allowed only for capital repayment

As for additional borrowing, it can only be considered for the purchase of added equity of the property. Shared Equity also has a maximum LTV ratio of 75% subject to a minimum of 5% being provided independently from the scheme. Further advance or remortgage applications to repay the equity loan are permitted. However, it will no longer be considered as Shared Equity.

Which lending schemes are not permitted by the West Brom for intermediaries?

These are the lending schemes that are not available on the West Brom’s mortgage product line:

• Government Right to Buy
• Tenants Incentive Scheme
• Ministry of Defence Homes
• Purchase from Own Company
• Key Workers Scheme
• Lodgers or Rent a Room Scheme

Becoming a West Brom intermediary partner

If you become an intermediary with the West Brom, you will likely find the right mortgage product for your clients. They might have unique circumstances or even complicated situations, but this lender’s broad range of home loan choices can fix that.

The West Brom for intermediaries has also taken into account the varying financial capabilities of their prospective borrowers. This is why they are lenient when it comes to the types of deposit that are allowed. With this, the chances of securing a home loan for your clients are higher. This can make you more credible as a mortgage broker and can help you attract more prospects. Apply as a West Brom intermediary partner now if you wish to enjoy these perks.

However, if you want to explore other lenders, we can also help you. We have listed other guides to mortgage lenders that provide intermediary-centric services. Feel free to read any of these overviews:

• Your guide to Accord for intermediaries
• Your guide to Aldermore for intermediaries
• Your guide to Barclays for intermediaries
• Your guide to Coventry for intermediaries
• Your guide to HSBC for intermediaries
• Your guide to Leeds for intermediaries
• Your guide to Nationwide for intermediaries
• Your guide to NatWest for intermediaries

Would you consider working with the West Brom for intermediaries? Tell us why in the comments section below