First buy

Finding the money to pay for your first home can be tough. We offer an extra loan of up to ISK 3 million to help you take that first step.

Next step

Your credit score shows how much you can borrow and how capable you are of paying off your loan.

First steps

  • Savings

    Saving for you first buy

    It is important to start saving early, as it takes a long time to build up your equity for you first buy. Automatically transferring money to a savings account each month is the most efficient and effective way to save. Choose a savings account to suit your needs and watch your money grow. You can use the Online Bank to choose the fixed sum and which account or fund you would like it transferred to. Your Private Pension can also be used when buying a new home.

    Tax effi­cient pen­sion options

    An extra pension can be used towards your current mortgage or buying a new home. The options is only available to those who have a private pension. More information is provided here.

  • Credit score eval­u­ation

    Quick credit score eval­u­ation

    A quick credit score evaluation is an online calculator designed to assess your payment ability. Open the quick score evaluation

    Credit score eval­u­ation

    Your credit score shows how capable you are of paying your mortgage payments. You can complete a full evaluation online without visiting our branches. Instant credit score evaluation (in Icelandic)

  • Mort­gage cal­cu­lator

    Mort­gage cal­cu­lator

    Now that you know what you can pay per month, it is ideal to look at what mortgages are available

    Here you can calculate the cost of different types of mortgages

  • Finding the one

    Finding the right property

    When a quick credit score is available, you can start looking at real estate. It is also important to evaluate more factors than just prices, such as how large a property is needed, square meter prices, family size, local services, public transport, etc.

  • Book an appointment

    Book an appoint­ment with one of our con­sult­ants

    We strongly recommend booking appointment with a mortgage loan advisor and talk to us about payment capacity and how best to fund prospective real estate purchases.

    Mortgage Plus

    We offer an extra loan of up to ISK 3 million to help you take that first step. You can find more info about the loan further down on this page.

  • The one

    You found the one

    Once you have found a property that is of interest to you, it is important to get someone inspect the property. It could be a carpenter or service provider who specializes in such an inspection. It is very common to place a condition on a purchase offer that you first inspect the property.

  • Bid accepted

    Bid accepted

    One you have found the right property and a bid has been accepted, a formal credit score evaluation will be carried out and mortgages applied for. Here you finally have to decide which loan you are going to take. In the purchase offer you also decide how the payment arrangement will be. Often, part of the payout is paid by signature, part by delivery and then the rest when the waiver is complete. If you intend to take advantage of your private pension savings when paying out, you should keep in mind that it can take up to 8 weeks to be paid out. But you apply for it when a purchase agreement is notarised.

  • Loan

    Loan documents

    Once you have made your final decision, the appropriate loan documents are prepared and you are notified when they are ready to be signed but the documents are sent directly to the real estate agent. It is important to read them carefully to make sure they are in accordance with your wishes.

  • Purchase agreement

    Purchase agreement

    When entering into a purchase agreement, a certified real estate agent reviews his or her main issues with both buyer and seller, e.g. payment arrangements, delivery of assets, etc. At this stage, it is important to ask about everything that is needed before signing. When all papers have been signed, loan documents are sent in the parliamentary prospectus. The mortgage is then paid off when the bank receives a registered mortgage bond.

  • Delivery

    Property delivery

    The date of delivery of the property can be one of the more important ones agreed in a purchase agreement and usually it is very important that these plans are met.

  • Waiver

    The waiver

    A realtor calls for a meeting to complete the waiver when both the seller and the buyer have fulfilled their obligations under a purchase agreement. This can take several months and then the actual change of ownership can take place. Most often, the final payment is effected by a waiver, but it may be important to hold some payments until this point if there are any defects that were unknown at the time of signing a purchase agreement. If everything is as it should be then the final payment is paid to the seller and he relinquishes the property to the buyer. The sale is then sent to the parliamentary briefing. After that, you have become a registered owner of the property.

  • Private Pension towards a mortgage

    Tax effi­cient pen­sion options

    You can apply to use the private pension savings to pay directly on a loan. The government now offers three options with regard to the tax free payment of a private pension towards a mortgage: Read more about the options.

    Þú getur sótt um að nota séreignarsparnaðinn til að greiða beint inn á lán, hægt er að sækja úrræðið hér. Það eru tvær leiðir í boði fyrir fyrstu kaupendur til að greiða séreign inn á lán, Höfuðstólsleið eða Blönduð leið. Lesa nánar.

The process of buying your first property (in Icelandic)


Here's the process of buying your first property. Everything from how best to start saving for real estate to delivery.

Mortgage Plus


Finding the money to pay for your first home can be tough. We offer an extra loan of up to ISK 3 million to help you take that first step.

More info about the loan:

  • A maximum loan amount of ISK 3 million.
  • The loan is an addition to your 80% mortgage but the total mortgage amount must not exceed 90% of the property value.
  • Variable non-indexed interest rate on bonded loans in accordance with the bank's interest rate table each time.
  • Maximum lending period of 10 years and you can choose between equal payments on the principle amount or equal payments.
  • No loan or prepayment fee.
  • Each applicant must successfully complete a credit evaluation.
  • You can use the tax free option on your pension to pay the loan off sooner.