Hardwoods are increasingly used in engineered timber structures. Because of their higher density and embedding strength, the load-carrying capacity of dowel-type fasteners is increased compared to softwoods. In the shear plane of steel-to-timber connections the dowel-type fastener is simultaneously loaded by bending moments and shear forces, in the case of fasteners displaying significant withdrawal capacity also by normal forces. The combined action of moment (M), shear (V) and normal (N) force may lead to metal fastener failure at loads below those predicted by the European Yield Model. This Paper presents an analytical model taking into account the MNV interaction on the load-carrying capacity of dowel-type fasteners in steel-to-timber connections.