The society was one of the few lenders operating in the 90% LTV space following the COVID-19 lockdown.

The Ipswich said it will review its position and actively seek to re-enter the market as quickly as possible.

Richard Norrington, CEO at Ipswich Building Society, said: “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.”