Ipswich Building Society withdraws all buy-to-let products

6 July 2020 | General

Ipswich Building Society is withdrawing all of its buy-to-let products, including expat and holiday let mortgages with immediate effect.

This follows a series of other product changes as the society seeks to service the enquiries it has already received to meet its desired response times.

In June, the society withdrew its 5-year standard buy-to-let and 5-year expat buy-to-let products. The withdrawal of the 2-year fixed rate products for expat buy-to-let and holiday let closely followed.

Despite previous product withdrawals, the Ipswich continued to experience a high volume of cases and, in particular, its buy-to-let products are attracting above the desired number of applications.

Richard Norrington, chief executive 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.”

The society continues to offer purchase and remortgage products for expat residential, self-build and standard residential, the latter of which includes later life deals for applicants aged over 50.

This post has originally been featured in Property Wire.