Danske Bank Home Owners Personal Loan review March 2021

Danske Bank Home Owners Personal Loan
Danske Bank Home Owners Personal Loan

Have you got a mortgage with Danske Bank? You can apply for a homeowner personal loan and obtain an exclusive interest rate.

Northern Ireland based Danske Bank offers a dedicated personal loan product to its mortgage customers. So if you’re already relying on it to pay off your new, comfy apartment and you’re in need of a little extra cash to get yourself an equally new and comfy couch, buy a new car or go on a much needed holiday, you may be in for a little treat.

Danske Bank’s Home Owners Personal Loan is unsecured: despite being a “homeowner” loan, it doesn’t use your home as security. It comes at a variable interest rate, which goes up or down depending on the base rate established by the Bank of England, but unlike with most personal loans it doesn’t vary according to the amount you borrow. So, since more often than not borrowing small amounts is synonymous with sky-high APRs (Annual Percentage Rate), Danske Bank Home Owners Personal Loan is especially competitive if you borrow less than £5,000.

Aside from the interest rate, Danske Bank Home Owners Personal Loan’s key feature is probably the no early repayment charge – if your financial situation changes and you want to settle your debt early, you won’t be penalised.

Name Product Total Payable Monthly Repayment Representative APR Link
Danske Bank Home Owners Personal Loan
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 4.5% p.a. (fixed). Representative APR 4.5% and total payable £10,694.16 in monthly repayments of £297.06.

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Late repayments can cause you serious money problems. See our debt help guides.

Key details

Loan typeUnsecured Personal Loan
Loan amounts£1,000.00 to £25,000.00
Loan terms1 Year to 5 Years
Loan rate typeVariable
Product fee0%
Same day funding available
Same day funding noteBranch applications only.
Instant decisions in most cases
Soft-search facility available
Joint applications
Overpay without penalty
Concurrent loans allowed
Topping-up pays off existing loan and initiates a new loan
Repayment methodsStanding Order
Representative example: Borrow £10,000.00 over 3 years at a rate of 4.5% p.a. (fixed). Representative APR 4.5% and total payable £10,694.16 in monthly repayments of £297.06.

Am I eligible?

Available toExisting Customers only
Age18 or over
Credit profilesGood
Acceptance noteCustomer must have an outstanding mortgage product at the date of the Home Owners personal loan application.

How do I apply

Unfortunately, you can’t apply for a Danske Bank Home Owners Personal Loan online – you’ll need to do it in branch.

However, Danske Bank has set up a dedicated phone number for existing mortgage customers, which you can call for any queries regarding your mortgage, including discussing the opportunity of getting a homeowner personal loan.

As an existing Danske Bank customer, you should be able to avoid the hassle of taking loads of documents with you for the application as they will already have most of your details. If you call beforehand, they will let you know what exactly you need to bring for your application.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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