The arrangement fee on the new product remains at 2.5%, the minimum loan size is £50,000, the maximum £1.5m, and the rental coverage 100% at the chosen pay rate.
A 3% ERC applies for the fixed rate period but not in the final three months of the loan term. If borrowers choose to pay 4.99%pa, the 2% deferred interest is payable upon redemption.
D’mitri Zaprzala, Head of Sales, Dragonfly Property Finance, commented: “Securing a buy-to-let mortgage from a high street lender is becoming harder by the day, especially for non-standard landlords. But this is a lending gap we are more than happy to fill. At Dragonfly, we pride ourselves on being able to take a view on individual borrowers, however unusual their circumstances or requirements.
"We don’t box tick but look at each application on its merit and make a decision based on that. At a time when mainstream lenders are tightening their buy-to-let criteria, we are open for business and this latest product launch will hopefully make that very clear to brokers.”
