However, the mutual says it saw new mortgage lending tumble by 43% to £276m in the six months to the end of September, which “reflects market conditions including delays in borrowers drawing down mortgages”.

Even though home lending was lower, first-time buyer loans represented 68% of loans, compared to 47% a year ago.

The firm says: “In the six-month period, political turbulence has given rise to further economic pressures, one consequence of which has been the withdrawal and repricing of most mortgage products.

“This has had the impact of worsening affordability challenges by increasing mortgage repayments and increasing the likelihood of borrowers entering arrears.

West Bromwich Building Society chief executive Jonathan Westhoff adds: “Although more recently the tensions between monetary and fiscal policy which created such market uncertainty have abated, it is likely that a degree of uncertainty around the trajectory of the economy will remain.

“Our strong capital position will support us in navigating this uncertainty.”

The lender says its common equity tier 1 capital ratio “remains strong”, improving to 18.3%, from 17% six months ago.