Skip to content

Secondary loans

Hvítt hús og snjór

Secondary loans to other creditors

 

What do I need to know?

  • The maximum mortgage part out of loan amount is 65% of the most recent property evaluation as of when refinance is taking place, or of a purchase contract at purchase of the property. New loans from Brú Pension Fund, that and other loans that came before, need to be under 65%.
  • The loan amount can never exceed the combined fire insurance valuation and ground property. You can view all properties through www.skra.is
  • Brú Pension Loans are only applicable for real estate properties.
  • You can apply for a base loan with indexed interest.
  • You can apply for a base loan with equal payments or equal instalments.
  • The maximum loan amount is 95,000,000 ISK
  • If you apply for a loan amount exceeding 50,000,000 ISK, Brú Pension Fund makes higher demands for payment capacity and the minimum credit rating of all applicant is B.
  • At least one applicant must be a fund member of Brú Pension Fund.
  • Maximum duration of the base loan is 40 years if the mortgage is under 65% of property evaluation.
  • Applicants do not need to be joined.
  • All applicants must be owners of the property mortgaged for the loan.
  • Apply for a loan on lifbru.is, through: Mínar síður- umsóknir.

Documents required

  • Last year's tax return (skattframtal). Available at Skatturinn.is website – my pages – tax returns from past years (framtal síðustu ára)
  • Income tax report for this year and last year (staðgreiðsla). Available at Skatturinn.is website – my pages – almennt
  • If applicable: Payment plan from the Social Insurance Administration (Tryggingastofnun/TR) - Accessible on Tryggingastofnun website - my pages
  • If applicable: Overview of child support payments (meðlag). Accessible at Meðlag.is.
  • Copy of valid ID. For example a driving license or a passport.
  • The most recent payment slips of loans that you have on the property.
  • If, after receiving the loan, you still owe other mortgage loans with the mortgage in the same or other property, you must submit a copy of a payment slip.
  • Any addinitoal applicants must submit their consent for data collection. The form is available on the application website or you can click the link here: 7.1.2. Data Collection Consent Form