Ipswich Building Society has announced it is withdrawing its five-year standard buy-to-let (BTL) and five-year expat BTL fixed rate products in order to slow the inflow of applications.
The society indicated the move will apply to both purchases and remortgages and be effective from the close of business today (18 June). The society will continue to offer its two-year standard BTL and expat BTL fixed rate products for purchases and remortgages.
Ipswich suggested the decision to stem business inflows has been made in order to sustain good service levels, after the society experienced a 40% increase in overall applications over the past seven days in comparison to the previous week.
Ipswich CEO, Richard Norrington, 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 BTL market with our two year fixed rate and discount products.”
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