Ipswich Building Society has announced it is withdrawing all of its buy-to-let (BTL) products, including expat BTL and holiday let mortgages, with immediate effect.
The move follows a series of other product changes as the society indicated it seeks to service enquiries it has already received, having reached a record pipeline in applications.
Ipswich had withdrawn its five-year standard BTL and five-year expat BTL fixed rate products on 18 June, and then its two-year fixed rate products for expat BTL and holiday let on 30 June.
The society had continued to lend on standard BTL via its two-year fixed and discount products, as well as its two-year discount products for expat BTL and holiday let. However, despite previous product withdrawals, Ipswich suggested it has continued to experience a high volume of cases – particularly its BTL products which are now attracting above the desired number of applications.
Ipswich CEO, Richard Norrington, commented: “This is a temporary measure to steady applications and we will be looking to come back into the BTL 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.”
The society added that it will still accept DIPs (Decision in Principle) on any of the withdrawn products until the close of business at 5pm on Tuesday 7 July.
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