Kaupa fasteign

Buying a house can feel like a complicated process. Let us help reduce some of the stress with a breakdown of the process and identify some of the things you’ll need to consider before making an offer.

Break it down


Buying a house can be broken down into 3 steps, which should be followed in the right order. Click to see what’s involved in each step.

Budget before you browse


  1. Use our affordability checker to determine what type of loan you're eligible for, and your budget.
  2. Book a free appointment with one of our certified mortgage advisors in branch. This is a great opportunity to ask any questions you may have, and understand all your options.

What’s the maximum loan (LTV)?


Íslandsbanki offers 80% loan to value (LTV). That means up to 80% of the value of your desired property. First-time buyers enjoy an additional 3 mil kr. loan or an extra 10%. (First-time buyers can never go above either 90% or 3 mil kr.)

Saving for a downpayment


  • Saving for a downpayment takes time. Try out our downpayment calculator to work out how much you need to save.
  • Book an appointment with a savings advisor for more advice on saving for a downpayment. These appointments are free of charge.

Making an offer


You know your budget, you’ve found your dream house, and you’re ready to make an offer.

Keep in mind

  • Any offer you make towards a house is binding. This mean that if you make an offer which you can’t follow through, you could be taken to court.
  • When making an offer, make sure to state that your offer is subject to a successful house survey. Don't be caught out by the unwanted hidden expenses of a possible leaky roof or finding damp in the walls!

Things to consider about the property you buy

  • The location, where do you want to live?

  • How are the local schools?

  • How are transport links?

  • What local services are in the area?

  • Skref 1

    Make an offer

    Make an offer, specifying the dependancies of a property check.

  • Skref 2

    Complete the credit check

    If the offer is accepted, it’s time to complete the chedit check / greiðslumat. This can be done in branch with a mortgage advisor or online (?). Your first greiðslumat check is free of charge.

  • Skref 3

    Confirm your loan choice

    Visit us in branch to confirm your chosen loan option. We then prepare your loan documentation. This can take up to a week. [TBC]. We’ll then contact you when the loan papers are ready to sign.

  • Skref 4

    Sign the dotted line for your loan

    Carefully check the loan paperwork, and sign to confirm the contract.

  • Skref 5

    Sign the housing agreement

    The real estate agent will contact you when it is time for you to sign the papers. You and the seller will meet and go over the selling agreement together with the real estate agent.

  • Skref 6

    Signed, sealed, delivered (Part 1)

    The real estate agent sends the signed papers to sýslumaðurinn to be registered. This can take up to 8 working days.

  • Step 7

    Receive your loan

    When the registered papers are returned by sýslumaðurinn, the bank will receive a copy and pay out the loan.

  • Step 8

    Signed, sealed, delivered (Part 2)

    Around 6 months later, you’ll sign a statement with the seller with your estate agent and the buyer will receive the deed to the apartment. This deed is sent again to the sýslumaðurinn to be registered. When returned to you, you become the official owners of the property.

Frequently Asked Questions


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