Ipswich Building Society has announced it is temporarily withdrawing its 90% LTV fixed rate products.

In order to help first-time buyers and those with smaller deposits, the society said it is keeping its 90% LTV discounted deal available.

Following the relaxation of COVID-19 related guidelines for the housing market, Ipswich had been one of the few mortgage providers prepared to lend to borrowers with a 10% deposit. However, the society revealed this has meant it experienced “unprecedented demand” and is therefore temporarily withdrawing its 90% LTV two and five-year fixed rate products.

The society also announced that any intermediaries with outstanding DIPs have been asked to get applications for withdrawn products in by 5pm on 19 June 2020, adding that it will review its position on 90% LTV fixed rate mortgages and actively seek to re-enter the market as quickly as possible.

Ipswich CEO, Richard Norrington, commented: “We have been receiving three times what was already a high volume of telephone enquiries, and with many of our staff still operating remotely, our capacity to handle these calls and process applications is somewhat reduced.

“We hope that both intermediaries and direct applicants will understand the necessity to briefly stem this flow in order to maintain good service levels.

“As a society, we understand how vital first-time buyers are in keeping the entire housing market moving, which is why we’ve taken the decision to leave the 90% discounted product in our range.”

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