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 am looking for some mortgage advice. I am currently an engineering contractor, 18 months into a 2 contract. However, I'm unlikely to be moved onto a permanent contract until around May time. My question is, will Danske Bank even consider me for a mortgage before then? Is there such thing as a ‘contractor mortgage’?
I have retained a mortgage adviser concerning my remortgage because I have just won a fixed term contract of 3 years (I am a post doc researcher, it is the nature of my work that we have fixed term contracts). My contract begin date earlier this year. I am seeking a five year fixed rate deal. Property value £200,000, I want to borrow £150,000. I purchased the property 3 years ago for 138K and I currently owe 115k to Danske Bank
What criteria does a mortgage lender (for example Danske Bank) use to class someone as a contractor or self-employed. For instance does one have to own more than a particular percentage of a company?
Notwithstanding that I am a contractor (HR consultant) do I really need to have three years of accounts in order to apply for a mortgage with lend? Do Danske Bank even grant mortgages to contactors ?
I am lead to believe that banks and building societies in the main consider contractors as high risk applicants; so require 3 years’ accounts to validate mortgage affordability. In my case as an IT contractor, this evidence is unlikely to paint an accurate picture of my income potential. Will a contractor-focused IFAs utilise bespoke underwriting with lenders such as Danske Bank.
The content set out above covers to properties in England and Wales.
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