Danske Bank is a major financial institution with its roots in Northern Europe. In the United Kingdom, it operates as a full-service retail and business bank, but with a very specific geographical focus: Northern Ireland.
This guide provides a comprehensive overview of Danske Bank's UK mortgage offerings, highlighting who they are for and their unique position in the market.
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Who are Danske Bank?
Danske Bank is a significant player in the Northern Irish banking sector, offering a wide range of personal, business, and corporate financial services. While it is part of a large international group, its UK mortgage business is tailored exclusively for the Northern Ireland property market. They are known for combining digital convenience with a local branch presence, providing a familiar and trusted option for residents.
Important Note: Danske Bank does not offer residential mortgages for properties located in Great Britain (England, Scotland, and Wales). Their products are solely for customers purchasing or remortgaging homes in Northern Ireland.
What types of mortgages does Danske Bank offer?
Danske Bank provides a comprehensive suite of mortgage products designed to meet the needs of the Northern Ireland housing market.
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First-Time Buyer Mortgages: They offer products aimed at helping people buy their first home, often with options for a lower deposit.
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Home Mover Mortgages: For existing homeowners in Northern Ireland who are looking to move to a new property.
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Remortgages: For customers who wish to switch their existing mortgage from another lender to Danske Bank, often to secure a better interest rate.
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Co-Ownership Mortgages: They are a key lender for the Co-Ownership housing scheme in Northern Ireland, which helps people buy a home in partnership with the Northern Ireland Co-Ownership Housing Association (NICHA). This allows buyers to purchase a share of a property while paying rent on the remaining part.
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Self-Build Mortgages: They provide tailored finance for individuals building their own home in Northern Ireland, releasing funds in stages as the build progresses.
Danske Bank's Lending Criteria: Who do they lend to?
As a mainstream lender in Northern Ireland, Danske Bank has a clear set of lending criteria.
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Location: The property must be located in Northern Ireland.
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Deposits: They offer mortgages up to 95% Loan-to-Value (LTV) on certain products, meaning a 5% deposit is the minimum required.
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Affordability: They assess affordability based on income and outgoings. While they don't advertise a specific income multiple, it is typically in the region of 4.5 times annual income.
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Credit History: Applicants will need to have a good credit history to be accepted.
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Self-Employed: They accept applications from self-employed individuals, usually requiring the last two to three years of financial accounts.
What do customers say about Danske Bank?
As one of Northern Ireland's largest banks, Danske Bank has a well-established reputation. Customer feedback often points to the convenience of their local branch network and the knowledge of their mortgage advisors. Like any major bank, service levels can be variable, but they are generally considered a reliable and mainstream choice for mortgage borrowers in Northern Ireland.
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Pros and Cons of a Danske Bank Mortgage
Pros:
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Strong Local Presence: A trusted brand in Northern Ireland with a network of local branches and advisors.
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Co-Ownership Specialist: A key lending partner for the popular Co-Ownership scheme, making them a go-to for many first-time buyers.
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Competitive Rates: They often offer competitive fixed and variable interest rates for the NI market.
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Full Product Range: They cover most borrowing needs, from standard purchases to self-build projects.
Cons:
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Geographically Restricted: The single biggest limitation is that their mortgages are only available for properties in Northern Ireland.
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Mainstream Criteria: Their lending criteria may be less flexible on adverse credit compared to specialist lenders.
How to apply for a Danske Bank mortgage
Danske Bank offers several ways for customers in Northern Ireland to apply for a mortgage:
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Directly: You can book an appointment with a mortgage advisor at one of their local branches or apply over the phone.
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Online: They offer online mortgage calculators and the ability to start the application process via their website.
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Through a Mortgage Broker (recommended): You can use an independent mortgage adviser based in Northern Ireland who can manage the application on your behalf.
Get started here to book a free, no-obligation chat with a broker who specialises in Danske Bank’s product range and can help you decide whether they’re right for you.