"We hope that both intermediaries and direct applicants will understand the necessity to briefly stem this flow in order to maintain good service levels."
Following the relaxation of Covid-19 related guidelines for the housing market, Ipswich BS relaunched its mortgage products up to 90% LTV, but says it has since "experienced unprecedented demand".
It is therefore temporarily withdrawing its two and five-year fixed rate products at 90% LTV, but will continue to offer its 90% LTV discounted deal.
Any intermediaries with outstanding DIPs are asked to get applications for withdrawn products into the Society by 5pm on 19th June.
The Society says it will review its position on 90% LTV fixed rate mortgages and will "actively seek to re-enter the market as quickly as possible".
A number of lenders have temporarily withdrawn their 90% LTV products from the market this week, including Accord Mortgages, Virgin Money and Clydesdale Bank.
Richard Norrington, CEO at Ipswich Building Society, commented: “We have been receiving three times what was already a high volume of telephone enquiries, and with many of our staff still operating remotely, our capacity to handle these calls and process applications is somewhat reduced. We hope that both intermediaries and direct applicants will understand the necessity to briefly stem this flow in order to maintain good service levels.
“As a Society, we understand how vital first time buyers are in keeping the entire housing market moving, which is why we’ve taken the decision to leave the 90% discounted product in our range.”
