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 retained a mortgage adviser concerning my remortgage because I have just won a fixed term contract of two years (on a grad scheme). My contract begin date last year. I am seeking a three year fixed rate mortgage. Property value £200,000, I want to borrow 132K. I bought the property three years ago for £157,000 and I currently owe 115k to Danske Bank
Do any sections of the CML Lender's Handbook stipulate the requirements for Danske Bank when it comes to contractor mortgages or self-employed mortgages.
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.
How can I make myself more attractive to a lender such as Danske Bank when it comes to trying to get a contractor mortgage. I would like to understand the process and requirements to avoid unwelcome surprises.
My research online indicates that banks and building societies in the main view contractors as high risk applicants; so demand 3 years’ accounts to validate mortgage affordability. In my case as a finacial contractor, this evidence is unlikely to give an accurate picture of my income potential. Will a contractor-focused IFAs utilise bespoke underwriting with lenders such as Danske Bank.
The above information covers to properties in England and Wales.
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