The five year standard buy-to-let and five-year expat buy-to-let fixed rate products will be taken off the market from today, a move which applies to both purchases and remortgages.

Ipswich said it was pulling the products in order to ‘sustain good service levels’, having experienced a 40% increase in overall applications over the past seven days in comparison to the previous week.

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

It will continue to offer its two-year standard buy-to-let and two-year expat buy-to-let fixed rate products for purchases and remortgages.

The building society said it would still accept DIPs (Decision in Principle) until close of business today (5pm Thursday 18 June 2020) and intermediaries should get applications for withdrawn products into the society by 26 June 2020.