Ipswich Building Society has withdrawn its five-year standard buy-to-let and five-year expat buy-to-let fixed rate products to “slow the inflow of applications”.
While the five-year purchase and remortgage products have been withdrawn, the society will continue to offer its two-year fixed rate products.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.”