Change of payment dates

If you have a HMS loan that is not due on the 1st of each month (for example the 15.) you can change the payment date to the 1st of each month. Most people find it best to pay at the beginning of each month to minimize the chance of falling in debt and paying unnecessary extra cost.

Application

Change of payment dates accepted

• When the loan documents with the new loan terms are ready, you will receive a notification by email.

• If there is a loan on the property on a rear mortgage (from another credit institution), that credit institution has to endorse its approval of the change in terms.

• You come to our office in Borgartún 21, Reykjavík, sign the documents and then take them to the District Commissioner’s office (Sýslumaður) for registration (þinglýsing).

• When the loan documents have been registered you pick them up at the District Commissioner’s office (Sýslumaður), bring them back to HMS and we change the payment date.

• The cost of the change of terms is added to the next instalment of the loan.

Until the change goes through, you pay of the loan as usual. The new payment date will take effect the next month after the registered loan documents have been accepted by HMS and the loan period is therefore extended by 2 weeks.

Cost:

• Change of terms 3.250 ISK

• Registration fee at the District Commissioner’s office (Sýslumaður) ISK 2.700