Credit score evaluation

Your credit score shows how much you can borrow and how capable you are of paying off your loan. Your credit score is based on your income, regular expenses and current debts.

Good to know

  • A credit score evaluation is the first step when applying for a mortgage, refinancing or applying for any other loan higher than ISK 2 million.

  • Up to three unrelated parties can apply for a credit rating together. This could be helpful for those intending to buy their first property.

  • The credit score evaluation is valid for 6 months and you can always reapply.

  • A positive credit score evaluation result means that you can subsequently apply for a loan/mortgage. In general, it is ensured that the mortgage payment burden does not exceed 35% of paid income, 40% for first buyers.

  • The fee for an online credit score evaluation is ISK 7,000 per individual and ISK 14,000 for couples (based on the bank's price index at any given time).

  • You will need electronic identification to apply for a credit score evaluation.

  • Our quick credit score evaluation gives you an idea of your monthly payment capacity based on your personal circumstances.

  • The interest rate on a mortgage will depend on the current interest rate on the bank´s mortgage loans when the documents are being made and final loan terms are signed.