Available for purchases only, the overall cost for comparison is 5.2% APR, with an initial two year fixed rate of 3.09% until 31st October 2016, reverting to the Society's Standard Variable Rate, currently 5.49%.
The product is available direct and via intermediaries but is restricted geographically within East Anglia.
Michelle Stevens, Ipswich Building Society, Head of Mortgage Sales, commented:
"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."
