The Ipswich Building Society is to withdraw its five-year standard buy-to-let and five-year expat buy-to-let fixed rate products in order to slow the inflow of applications.

This applies to both purchases and remortgages.

They will be withdraw at the close of business on Thursday 18 June.

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

The society said it 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, 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.”