An update to our earlier blog where we said that Ipswich Building Society had withdrawn one of it's key buy to let products as it was unable to process the number of applications. Now it has pulled them all. Buy to let investors are alive and well.
Via Property Reporter -
Ipswich Building Society has announced that, with immediate effect, it is withdrawing all of its buy-to-let products, including expat BTL and holiday let mortgages.
The withdrawal follows a series of other changes as the society seeks to handle the enquiries it has already received and meet its desired response times.
Previously, Ipswich BS withdrew its 5 Year Standard BTL and 5 Year Expat BTL fixed rate products on 18 June and then its 2 year fixed rate products for expat BTL and holiday let on 30 June.
The Society had continued to lend on standard BTL via its 2 year fixed and discount products, as well as 2 year discount products for expat BTL and holiday let. However, despite previous product withdrawals, it has continued to experience a high volume of cases and, in particular, its BTL 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.”