Citing “unprecedented demand”, the Ipswich Building Society is temporarily withdrawing its 90% LTV two and five-year fixed rate products.
In order to help first time buyers and those with smaller deposits, the society’s 90% LTV discounted deal will remain available.
Any intermediaries with outstanding Decisions in Principle are asked to get applications for withdrawn products into the Society by the end of next week (5pm on 19 June 2020). The Society has also communicated these changes to intermediaries via its intermediary website and via email.
The mutual says it will review its position on 90% LTV fixed rate mortgages and will actively seek to re-enter the market as quickly as possible.
Richard Norrington, CEO at Ipswich Building Society, said: “We have been receiving three times what was already a high volume of telephone enquiries, and with many of our staff still operating remotely, our capacity to handle these calls and process applications is somewhat reduced.
“We hope that both intermediaries and direct applicants will understand the necessity to briefly stem this flow in order to maintain good service levels.
“As a Society, we understand how vital first time buyers are in keeping the entire housing market moving, which is why we’ve taken the decision to leave the 90% discounted product in our range.”