Loan transfer

If you are buying a new property, you can apply for a loan transfer and transfer the loan over to the new property. This way, you keep the same terms with no additional borrowing costs.

If you are still searching for a new property or if the property is still under construction, you can apply for a temporary loan deferment against a bank guarantee.

Application

Supporting documents:

• A signed purchase offer for both properties (the one you are selling and the one you are buying).

• The sales statement of the property you are buying.

• Information on other housing loans you have.

• If you are adding on loans or making a change to the payer of a loan, you will need to submit a credit assessment (may be from the credit institution in question).

A HMS loan advisor will be in touch shortly by email, confirming the application and requesting further information if needed.

Apply for loan deferment against a bank guarantee

Supporting documents

• Confirmation of guarantee from the bank.

• A signed purchase offer for the property being sold.

A HMS advisor will be in contact soon by email, confirm the application and ask for further information if needed.

Loan transfer approved

Cost:

• Loan transfer 11.000 ISK

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

Loan transfer denied

If an application for a loan transfer is denied, you will receive an email with our formal ruling and there you can see our reasons for the refusal. If some documents are missing or if your situation has changed in some way, you can apply for a revision of your application and provide us with new information.

HMS rulings can be appealed to the Welfare Appeals Committee