Ipswich Building Society is withdrawing it’s five year standard buy-to-let and five year expat buy-to-let fixed rate products.

The lender says the products will be removed from both its purchase and remortgage offering as of tomorrow, 18 June, to slow the inflow of applications.

Ipswich will continue to offer the named products for two year terms for purchase and remortgage.

The decision to withdraw the products was made in order to sustain good service levels, the lender says, as it has reportedly experienced a 40 per cent increase in overall applications over the past seven days compared to the seven days prior.

The building society will accept Decisions in Principle on the withdrawn products until close of business tomorrow and intermediaries are asked to get applications for products into the Society by 26 June next.

Ipswich Building Society chief executive Richard Norrington (pictured) says: “In the current circumstances, we need time to process the applications that we have already received – a potential delayed response due to being over capacity would be of no help to the buyer, their intermediary or the property market as a whole.

“We continue to support the buy-to-let market with our two year fixed rate and discount products.”