Ipswich Building Society has withdrawn all its buy-to-let products, including expat BTL and holiday let mortgages, following a sharp rise in applications from investors over the past few weeks.
The move comes just two weeks after the society withdrew its five-year standard buy-to-let and five-year expat buy-to-let fixed rate products in an attempt to “slow the inflow of applications”.
While the five-year purchase and remortgage products were withdrawn, the society had continued to offer its two-year fixed rate products.
But despite previous product withdrawals, Ipswich BS has continued to experience a high number of cases and, in particular, its buy-to-let mortgage products continue to attract more applications than can be handled, leading to delayed response times.
Richard Norrington, CEO at Ipswich Building Society, said: “This is a temporary measure to steady applications and we will be looking to come back into the buy-to-let 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.”
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