Refinancing

Do you want to pay your mortgage faster or lower your monthly payments? Refinancing can be the sensible option when your circumstances change.

Next step

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

Why should I refinance?


Circumstances change and refinacing can often be the simplest way to make your money work harder. Perhaps interest rates have dropped since you took out your mortgage or you need to lower your monthly payments.

  • We lend up to 70% of the rateable or property value when you refinance.
  • If the property value is higher than the rateable value, then the rateable value will be used.
  • The loans can be indexed, non-indexed or hybrid.
  • You should check the Terms and Conditions of the mortgage you wish to replace to see if you you will be required to pay a prepayment penalty.
  • The cost of refinancing a current Íslandsbanki mortgage is ISK 59,000
  • Other costs are in accordance with the price list 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