In line with Danske Bank’s commitment to be a responsible lender the loan comes with its own set qualifying criteria. It will be available as an option for applicants in permanent contracted employment, with an individual or combined income over £40,000.
The new mortgage offers a 2-year or 5-year fixed rate of 4.40% with no product fee, and is available through intermediaries or directly from Danske Bank.
The product is available to first-time buyers and home movers.
Aisling Press, Managing Director of Personal Banking at Danske Bank, said:
“As one of the biggest mortgage lenders in Northern Ireland we are very pleased to now be offering mortgages with as little as a 5% deposit. Danske Bank is committed to helping Northern Ireland grow again by supporting both businesses and our personal customers as they seek to achieve their ambitions. Despite the unprecedented economic challenges facing our economy, the housing market has remained robust with demand from prospective buyers at healthy levels. This new 95% loan-to-value mortgage product brings forward another option for those seeking to realise their aspiration of home ownership.”
Product details include:
- 4.40% 2-year or 5-year fixed term with no product fee
- Cashback up to £1,500
- Applicants must be in permanent contracted employment
- Minimum individual or joint application income of £40,000 and available up to 4.25 Loan to Income
- Maximum property value £500,000
- Must be applicant’s primary residential dwelling (not available for second homes or holiday homes)
- Property criteria applies
Further information can be found on our webpage.