It said it has now withdrawn the product, which offers a rate of 2.79%, following overwhelming demand.

At the same time Ipswich has also pulled its expat buy-to-let two-year fixed 3% mortgage and its holiday let two, three and five-year deals.

The building society said, following the announcement the UK would be open for domestic holidays on 4 July, it experienced ‘increased interest’ in its holiday let products. Now it needs to ‘stem the inflow’ in order to process the backlog.

Richard Norrington, CEO at Ipswich Building Society said: “We take great pride in our manual underwriting approach as it allows us to accept applications from borrowers who may be turned down by lenders who make decisions on an automated basis.

“However, assessing each and every application on a case-by-case basis is inherently more time-intensive than applying a computer-based algorithm.

“Therefore to maintain our high standards of service, and to give each application the attention it warrants, we feel this decision is in the best interests of both our direct customers and those applying via our intermediary partners.”

The building society said it would still accept DIPs (Decision in Principle) until the close of business today (Tuesday 30 June) on any of the withdrawn products.

Where a DIP has already been submitted, Ipswich said it would continue to accept fully packaged mortgage applications from intermediaries, with no deadline.

Ipswich said two-year discount option remained in the expat and holiday let buy-to-let ranges up to 80% LTV for purchase and remortgage.