Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.

Danske Re:pay Account

A variable interest rate mortgage account, overdraft, personal loan, savings account and current account combined into one Safety Limit that is secured against your home.

Good to know

  • £1,500 cashback on mortgages of £150,000 or over until 17 February 2018. Find out more about our other cashback offers
  • Repay your mortgage over as many as 30 years
  • You could save on interest charges and pay off your mortgage early
  • No need to apply for overdrafts or personal loans – withdraw funds from your account at any time up to your Safety Limit
  • Your savings can be used to reduce the amount of interest you pay each month

Need to know

  • Whether we provide credit depends on your circumstances, and you must be 18 or over - lending terms and conditions apply 
  • Your home is security for your mortgage and you may also need to provide other security
  • Minimum house valuation £200,000
  • You must have a deposit or equity of at least 15%
  • The interest you’ll be charged may go up as well as down
  • Not a portable mortgage so if you move home this mortgage will not move with you

Representative example

A mortgage of £228,000 payable over 18 years on our variable rate for the mortgage term of 18 years at our current rate of 3.49% (variable) would require 216 monthly payments of £1,426.65.

The total amount payable would be £308,156.27 made up of the loan amount plus interest (£80,156.27). A product fee (£0), valuation fee (£295) and mortgage exit fees (£125) are also payable.

The overall cost for comparison is 3.6% APRC representative.

The actual rate will depend on your circumstances, please ask for a personalised illustration.

Other important information

  • The bank only provides mortgages in sterling and will not consider Danske Re:pay applications where the applicant's income is in another currency.
  • You will be advised of the reduction in the Safety Limit and debit interest applied on your monthly statement. The reduction in the Safety Limit and debit interest applied could vary each month.
  • Repayments are made monthly.
  • Interest is calculated daily and charged monthly.
  • When you take out a mortgage you are borrowing against the value of your home.
  • When you come to sell your home you will need to use the sale's proceeds to repay your outstanding mortgage balance. Be aware that if the value of your home falls below the balance of your mortgage, then you will have to pay us the difference if you want to sell your home.

Terms and conditions

  • You will have to pay for an independent professional valuation unless you are an existing Danske Bank customer switching mortgages. We will arrange this for you.
  • You may have to pay other fees such as legal charges, which are not paid through us.
  • You must have buildings insurance in place on your property. You do not have to arrange this through us.
  • For full details on charges please see our Tariff of Mortgage Charges.
  •  If your mortgage term takes you beyond normal retirement age, we may ask you to provide us with evidence that you’ll be able to afford your repayments after you stop working.
  • We do not permit a third party to acquire an interest in your property when you have a Danske Re:pay mortgage.
  • Meeting the terms and conditions of your mortgage contract does not ensure repayment of the total amount of credit.
  • Your Danske Re:pay mortgage account:
    • must be used as your main current account
    • must be the account into which your salary is paid
    • cannot be used for business purposes
  • Other special conditions apply and will be detailed in the General Offer conditions, please ask for a copy.
  • When the balance on this account is overdrawn, it is not covered by the Financial Services Compensation Scheme (FSCS).

Mortgage Cashback Offers

If you are moving home, switching your mortgage to us or buying for the first time we’ll give you £1,500 cashback on mortgages over £150,000. We also offer £1,200 cashback for mortgages between £75,000 and £149,999, or £500 cashback for mortgages under £75,000.

Offer ends 17 February 2018.

Talk to our mortgage team now:
0800 389 0833

To qualify for cashback you must have completed a mortgage application and received an illustration by 17 February 2018. Cashback is only payable upon completion of the mortgage.

More about the Re:pay account

  • How does it work?

    How does it work?

    Rather than having a separate mortgage and current account, the two are combined instead. This means that you’ll need to have your salary paid directly into your Danske Re:pay account and that you must operate it as your main account too.

    How it then works is that every time you get paid or lodge money into your account, like a bonus or inheritance etc., you’ll start to reduce the outstanding debt you owe, therefore reducing the limit of the loan too.

  • What are the benefits?

    What are the benefits?

    An ‘all-in-one’ account can save you a significant amount in interest charges over the lifetime of the borrowing; if you have surplus funds available, that is. Basically, the more surplus funds you have that are retained in the Re:pay account, the more you will reduce your outstanding debt – this in turn means you will be charged less interest because the debt has reduced too.

    On the flip side, if you need to get your hands on some cash you can also withdraw money providing it’s within your Safety Limit. As the limits are put in place when we approve the Re:pay account you won’t even need to apply to us if you want to use this feature of the Re:pay account, neither will you need to apply for a personal loan or overdraft. We’ll tell you your limit at the onset. You’ll also receive a monthly statement.

    Be mindful of any changes to your circumstances, though, and be sure to tell us if things have changed.

  • What is the Safety Limit?

    What is the Safety Limit?

    The Safety Limit is an agreed limit that you are not allowed to exceed. It’s like a credit card limit.

    You can withdraw funds up to and including your Safety Limit at any time, but you can’t go beyond it.

    We reduce the limit each month as well. That’s to ensure that your mortgage is fully repaid at the end of the agreed term, which of course is subject to all terms and conditions being met.

  • What else do I need to know?

    What else do I need to know?

    If you’ve got your eye on a particular property, you’ll need to have at least a 15% deposit to put down.

    Unlike a conventional mortgage where there are set monthly repayments, with Danske’s Re:pay account there is no fixed payment. Your limit reduction can vary in amount each month depending on the transactions for that period. This is to ensure that you have cleared the outstanding debt within the set timeframe – which, by the way, can be anything up to 30 years.

    The Re:pay calculator

    If you would like a personalised illustration to consider how the Danske Repay account could work for you, use the Re:pay calculator.

    Follow the step by step guide by filling in the information requested, like your mortgage balance and term, the amount of savings you have and your monthly disposable income.

    This calculator is designed to offer you a summary (based on the information you give it) and explain how much you can save by making the most of an ‘all-in-one’ account.

  • How to get the most out of your Re:pay account

    How to get the most out of your Re:pay account

    As the interest on the Danske Re:pay account is calculated daily, it may be a good idea to leave money sitting in your account for as long as possible.

    A way you can do that is to put all (or as much as your credit card limit will allow) of your monthly outgoings, like food, petrol, mobile phone, social life etc. on your Danske credit card, instead of spending and paying for those overheads directly from your Re:pay account. That way you’ll be leaving surplus funds in your Re:pay account for longer, which reduces the amount you owe.

    Here’s an easy example

    Let’s assume that the aforementioned overheads cost you £1,000 per month and that you pay them on your credit card (and pay off the bill in full when it arrives) instead of paying directly from your Danske Re:pay account, you will have lowered the outstanding debt you owe by using another temporary form of repayment which, in turn, lowers the amount of interest you’ll pay.

    Be sure to pay your credit card bill off in full when it arrives, though, as this will save any you interest that you might otherwise incur if you only paid a proportion of the bill off, rather than the whole amount due.