"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."
The purchase and remortgage products will be withdrawn at close of business today and the Society will continue to offer its two-year fixed rate products.
Ipswich says the decision to stem business inflows has been made in order to sustain good service levels after it experienced a 40% increase in overall applications over the past seven days.
Richard Norrington, CEO at Ipswich Building Society, commented: “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.”
