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
When your application for loan transfer has been approved you will receive an email.
Once the documents are ready, you can collect them during opening hours at the HMS office at Borgartún 21. If you live outside the capital area, you can also request to have the documents sent to you by post.
When the documents have been registered at the District Commissioner’s office (Sýslumaður), you need to pick them up and return them to HMS.
The cost of the loan transfer is added to the next instalment of the loan.
Cost:
Loan transfer 15.000 ISK
Registration fee the District Commissioner’s office
Loan transfer denied
If your application for a mortgage transfer is rejected, the decision will be sent to your digital mailbox on island.is. If new documents or information become available, you can request that your case be reconsidered.
If you believe the decision is incorrect, you can appeal it to the Welfare Appeals Committee.
Service provider
Housing, construction and planning authority