Ipswich Building Society has temporarily withdrawn its 90% loan-to-value (LTV) two and 5-year fixed rate products due to unprecedented demand.
The society was one of the few lenders operating in the 90% LTV space following the COVID-19 lockdown.
The Ipswich said it will review its position and 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.”
Any intermediaries with outstanding DIPs (Decision in Principle) are asked to get applications for withdrawn products into the Society by the end of next week (17:00 on 19 June 2020).
The Society has also communicated these changes to intermediaries via its intermediary website and via email.