Ipswich withdraws 90% LTV product

Ipswich Building Society has announced it is withdrawing its 90% LTV 2.79% discount mortgage for both purchase and remortgage cases.

The society suggested it had taken the decision to withdraw the product after “few other lenders” had also returned to offering high LTV mortgage products.

Ipswich is also withdrawing its expat buy-to-let two-year fixed 3.00% deal, but added that its two-year discount option will remain in the range, up to 80% LTV for both purchase and remortgage.

For purchase applications, the society’s 75% LTV fixed and discount products will also still remain available, rising to 80% for remortgage cases.
Ipswich CEO, Richard Norrington, commented: “In recent weeks we have been active in trying to assist borrowers and intermediaries in an uncertain market, moving quickly where we can to introduce new products and improve lending criteria.

“We have been closely monitoring our business levels and, even following previous product withdrawals, have continued to see a high volume of applications across our product range.

“Therefore, following overwhelming demand for our 90% LTV range, we are reluctantly now withdrawing from this market. We are working hard to process the backlog of applications and will be actively looking to relaunch as soon as we can prudently do so.”

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