Ipswich pulls all buy-to-let mortgages including expat and holiday let

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The move comes after the society withdrew its range of five-year standard buy-to-let and expat products and then, days later, shelved the two-year fixed rate expat and holiday let mortgages.

Now Ipswich has announced it is temporarily pulling its standard buy-to-let via its two-year fixed and discount products as well as the two-year discounts for expat buy-to-let and holiday let.

It said, despite the previous product withdrawals, it has continued to experience a high volume of cases. In particular, its buy-to-let 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.”

Ipswich will still accept Decision in Principle (DIPs) on any of the withdrawn products until the close of business at 5pm today (Tuesday 7 July).

Where a DIP has already been submitted for these deals, there will be no deadline to submit a fully packaged mortgage application.

Ipswich will continue to offer purchase and remortgage products for expat residential, self-build and standard residential, the latter includes later life deals for applicants aged 50+.