You are here: Home - News -

Ipswich BS withdraws all BTL, holiday let and expat deals – DIP closes 5pm

by:
  • 07/07/2020
  • 0
Ipswich BS withdraws all BTL, holiday let and expat deals – DIP closes 5pm
Ipswich Building Society has withdrawn its entire range of buy-to-let, holiday let and expat mortgages.

 

The society will accept a decision in principle (DIP) on any of the withdrawn products up until five pm today. If a DIP has already been submitted, there is no deadline on how long it takes to submit a fully packaged case.

Ipswich BS has paused the sale of new deals in these ranges to allow it to serve existing enquiries and meet its service standards after reaching a record for pipeline applications.

Previously, the mutual withdrew its five-year standard buy-to-let and five-year expat buy-to-let fixed rate products on 18 June and then its two-year fixed rate products for expat buy-to-let and holiday let on 30 June.

The lender also pulled its 90 per cent loan to value (LTV) residential range at the end of June.

The society had continued to lend through its standard buy-to-let range, offering two-year fixed and discounted products, as well as two-year discount products for expat buy-to-let and holiday let.

Despite previous product withdrawals, it has continued to experience a high volume of cases.

Richard Norrington, chief executive of Ipswich Building Society, (pictured) 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 per cent LTV deals as we are very aware of the lack of choice for buyers with smaller deposits.”

 

There are 0 Comment(s)

You may also be interested in

Read previous post:
House prices fall four months in a row but mortgage enquiries leap – Halifax

House prices edged down for the fourth consecutive month in June, the first time a decline for this duration has...

Close