Refinancing

Refinancing can be the sensible option when your circumstances change.

It can really pay off and it only takes a few minutes to apply for refinancing.

Next step

It takes just a few minutes to apply (in Icelandic)
Apply for refinancing
Book an appoint­ment

Why should I refinance?

With refinancing, you take out a new mortgage to pay off mortgage loans.

Refinancing can come in handy if market conditions have changed, for example, if interest rates have dropped since you originally borrowed or if you might want to lower your monthly payment.

  • We lend up to 70% of the rateable or property value when you refinance.
  • If the property value is higher than the rateable value, we take the rateable value to consideration.
  • The loans can be indexed, non-indexed or mixed.
  • It is good to obtain information on whether the loan to be paid is subject to a prepayment fee
  • The cost of refinancing a current Íslandsbánki mortgage is ISK 59,000
  • Other costs are according to the price table at any given time

How does refinancing work?

  • Credit score eval­u­ation

    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. It takes just a few minutes to apply (in Icelandic)

  • Loan

    Explore your options

    We offer both indexed and non-indexed loans as well as the option of mixing the two

  • application

    Submit application

    Once you have decided on a loan composition, you can submit an application electronically.

  • approved

    Application is approved

    As soon as all the conditions for granting the loan have been met, a loan application is approved.

  • Signature

    Signing the documents

    We will contact you when the documents are ready for signature.

Frequently asked questions