The withdrawal follows a series of other changes as the society seeks to handle the enquiries it has already received and meet its desired response times.
Previously, Ipswich BS withdrew its 5 Year Standard BTL and 5 Year Expat BTL fixed rate products on 18 June and then its 2 year fixed rate products for expat BTL and holiday let on 30 June.
The Society had continued to lend on standard BTL via its 2 year fixed and discount products, as well as 2 year discount products for expat BTL and holiday let. However, despite previous product withdrawals, it has continued to experience a high volume of cases and, in particular, its BTL products are now attracting above the desired number of applications.
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.”
