Ipswich Building Society withdraws buy-to-let offering

Ipswich Building Society is withdrawing all of its buy-to-let (BTL) products, including expat BTL and holiday let mortgages.

This follows a series of other product changes as the Society seeks to service the enquiries it has already received and meet its desired response times, having reached a record pipeline in applications.

The Society will still accept DIPs (Decision in Principle) on any of the withdrawn products until the close of business at 17:00, Tuesday 7 July.

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Where a DIP has already been submitted for these deals, there is no deadline to submit a fully packaged mortgage application. These changes have been communicated to intermediaries via email and the Society’s intermediary website.

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.”

Ipswich Building 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 50+.