The Ipswich Building Society is withdrawing all of its buy-to-let products, including expat buy-to-let and holiday let mortgages, with immediate effect.
This follows a series of other product changes as the society seeks to service the enquiries it has already received and meet its desired response times, saying that it has witnessed a record pipeline in applications.
Previously, the Ipswich withdrew its five-year standard buy-to-let and five-year expat buy-to-let fixed rate products on 18 June and then its two-year fixed rate products for expat buy-to-let and holiday let on 30 June.
The society had continued to lend on standard buy-to-let via its two-year fixed and discount products, as well as two-year discount products for expat buy-to-let and holiday let. However, despite previous product withdrawals, it has continued to experience a high volume of cases and, in particular, its buy-to-let products are now attracting above the desired number of applications.
The Ipswich will still accept DIPs on any of the withdrawn products until the close of business at 1700, Tuesday 7 July. Where a DIP has already been submitted for these deals, there is no deadline to submit a fully packaged mortgage application. These changes have been communicated to intermediaries via email and the society’s intermediary website.
Richard Norrington, CEO at Ipswich Building Society, said: “This is a temporary measure to steady applications and we will be looking to come back into the buy-to-let market as soon as possible. We will also prioritise reinstating 90% LTV deals as we are very aware of the lack of choice for buyers with smaller deposits.”
The Ipswich continues to offer purchase and remortgage products for expat residential, self build and standard residential, the latter of which includes later life deals for applicants aged 50+.