Our additional loan can help you purchase property or refinance

Addi­tional mortgage loans are suitable for those who choose to take a mortgage loan with a pension fund but need additional financing for buying a property or refinancing. 

The loan is issued as a non-indexed loan and the interest rate is according to the bank’s interest rate table.

We lend up to 80% of the purchase price when buying a property and up to 70%  of the real estate valuation when you refinance. Applicants must meet the bank’s general lending criteria and pass a credit score eval­u­ation. Loans exceeding ISK 75 million total on the property are subject to special terms.

To apply, you complete the credit score eval­u­ation and select “Other loans/Önnur lán.” The loan services team will then contact you. You can book a meeting with one of our personal advisors or contact us, and we will review your situation with you. You may use the loan calculator to explore your loan possibilities.

Can I apply for a supplementary loan?

  • Individuals who wish to purchase a property for personal use or refinance an existing loan on their legal residence, and who choose to take a mortgage loan with a pension fund but need additional financing, can apply for a supplementary loan with us.
  • Applications are submitted by completing credit score eval­u­ation and selecting “Other loans/Önnur lán” After the application is submitted, the loan services team will contact you.
  • Each loan application is assessed based on creditworthiness and the value of the residential property.
  • The loans carry non‑indexed base interest rates according to the interest rate table, with an additional 1.5% surcharge based on maximum collateralization.”
  • Other costs are in accordance with the price list at any given time.
  • Before loan applications are approved, customers must pass the bank’s credit score eval­u­ation.
  • Special rules apply regarding the proportion of monthly housing loan payments relative to net income: monthly housing loan payments may not exceed 35% of net income, or 40% for first‑time buyers. For this calculation, minimum interest rates and a standard loan term are used: 3% interest and a maximum term of 25 years for indexed loans, and 5.5% interest and a maximum term of 40 years for non-indexed loans.
  • The maximum loan amount may not exceed ISK 10 million above the combined fire insurance value and land value of the property.