Ipswich Building Society has withdawn all of its buy-to-let products, including expat BTL and holiday let mortgages.
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, having reached a record pipeline in applications.
Previously, the Society withdrew its 5 Year Standard BTL and 5 Year Expat BTL fixed rate products on 18 June and then its 2 year fixed rate products for expat BTL and holiday let on 30 June.
The Society had continued to lend on standard BTL via its 2 year fixed and discount products, as well as 2 year discount products for expat BTL and holiday let.
However, despite previous product withdrawals, it has continued to experience a high volume of cases and, in particular, its BTL products are now attracting above the desired number of applications.
The Society will still accept DIPs (Decision in Principle) on any of the withdrawn products until the close of business at 1700, Tuesday 7 July.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.”