Ipswich Building Society is pulling its 5-year standard and 5-year expat buy-to-let fixed rate products as it looks to slow the inflow of applications.
Ipswich will continue to offer its 2-year standard buy-to-let and expat buy-to-let fixed rate products for purchases and remortgages.
The decision to stem business inflows has been made in order to sustain service levels after it experienced a 40% increase in overall applications over the past seven days in comparison to the previous week.
Richard Norrington, CEO at Ipswich Building Society, said: “In the current circumstances, we need time to process the applications that we have already received – a potential delayed response due to being over capacity would be of no help to the buyer, their intermediary or the property market as a whole.
“We continue to support the buy-to-let market with our two year fixed rate and discount products.”
The withdrawal, which applies to both purchases and remortgages, comes into effect at close of business tomorrow (18 June 2020).