Danske Bank Contractor Mortgages - Help and FAQs
Here at LENDERmonitor we receive regular similar questions from visitors enquiring about whether Danske Bank offer contractor mortgages. We collated some of the more common contractor mortgage questions but if you have any specific questions about Danske Bank and contractor mortgages please complete our enquiry form and we see if we can arrange for an expert to contact you directly.
I have been dealing with an IFA concerning my remortgage because I am on a fixed term contract of four years (I am a post doc researcher, it is the nature of my work that we have fixed term contracts). My contract begin date last year. I am seeking a five year fixed rate mortgage. Property worth £325k, I want to borrow £150,000. I purchased the property 3 years ago for £157,000 and I currently owe 115k to Danske Bank
I’m in a bit of an onerous situation in as much as I and my partner are both self-employed (contractors) without any great accounts to show, although things are on the up I hope for this to change shortly. Basically my question for you is how hard would it be to get a 125k contractor mortgage with a lender such as Danske Bank?
What criteria does a mortgage lender (for example Danske Bank) use to class a borrower as a contractor or self-employed. For instance does one have to own more than a particular percentage of a company?
As contractor looking for a mortgage with Danske Bank will they want to assess my experience, my history of contracting, the length of my current contract and the likelihood of it being renewed? If so I will start to get the paperwork together.
I am well aware that the days of self-certification contractor mortgages are a thing of the past. Are there any lenders that take the same approach to mortgages for contractors as they do for standard home loan applications. In particular I have my eye on a mortgage deal with Danske Bank
The above information is in relation to properties in England and Wales.
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