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Ipswich withdraws BTL products following high demand from applicants

Ipswich Building Society has withdrawn its five-year standard buy-to-let and five-year expat buy-to-let fixed rate products to “slow the inflow of applications”. 

While the five-year purchase and remortgage products have been withdrawn, the society will continue to offer its two-year fixed rate products.

Ipswich said 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, commented: “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.”

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