After the 2-year period ends the mortgage will revert to Ipswich’s standard variable rate which currently stands at 5.49%.
The product is available within East Anglia direct and via intermediaries.
Michelle Stevens, head of mortgage sales at Ipswich Building Society, said: “We’re committed to supporting so called ‘mortgage misfits’ such as small business owners and the self-employed.
“This product demonstrates the society’s continuing ambition to offer a viable and competitive alternative to the larger banks.
“Because unlike the high street banks we continue to offer borrowers the option to provide their own expenditure data rather than relying on a computer model to determine what ‘typical’ spending looks like.”
Loans between £25,000 and £500,000 can be taken out, while the mortgage comes with a £150 application fee and £849 completion fee.
There is no charge for overpayments up to 50% of the original loan amount.