Credit score evaluation
Your credit score indicates your borrowing potential and ability to repay loans, considering income, regular expenses, and outstanding debts.
Good to know
A credit score evaluation is required for mortgages, refinancing, and loans over ISK 2 million.
Up to three unrelated parties can jointly apply for a credit rating, which could be helpful for first-time homebuyers.
The credit score evaluation is valid for 6 months and you can always reapply.
A favourable credit score evaluation enables you to pursue a loan or mortgage. Lenders generally ensure that mortgage payments do not surpass 35% of your income or 40% for first-time homebuyers.
The online credit score evaluation fee is ISK 7,000 per individual and ISK 14,000 for couples (based on the bank's price index at any given time).
You will need electronic identification to apply for a credit score evaluation.
Our quick credit score evaluation gives you an idea of your monthly payment capacity based on your circumstances.
The interest rate for a mortgage is determined by the prevailing rate on the Bank's mortgage loans at the time the documents are prepared, and the final loan terms are agreed upon and signed.
Q&A
How long are credit score evaluations valid?
Do I need to submit any documents for the evaluation?
Where can I apply for electronic identification?
How much will an electronic ID cost?
How do I apply for a credit rating with other parties?