Taking over older loans from the Housing and Construction Authority can be an advantageous option, especially if their terms are good and the loan term has passed. It can also be advantageous to take over an older loan and take out a new loan in addition. All older HMS loans can be taken over, except loans from the Workers' Construction Fund (marked 1003). Borrowing fees do not have to be paid at the time of the takeover. If there are only overtaken loans, but no new loan is requested, there is no requirement that the loans fit within a certain mortgage ratio. If you are taking over a loan and taking out a new loan at the same time, the combined loan amount must fit within the applicable mortgage ratio in each case.

The conditions for the takeover differ depending on which loans are taken over.

ÍLS-mortgage bonds of the Housing Loan Fund and real estate mortgage bonds of the Housing Authority

In order to obtain approval for a takeover of ÍLS mortgage bonds and real estate mortgage bonds by the Housing Deeds Department, you need to undergo a credit rating and fill out an on-line application.

Loans from the National Building Fund and the mortgage department of Landsbanki Íslands

If only the loans of the National Construction Fund and the mortgage department of Landsbanki Íslands are taken over, you do not have to meet the conditions for a payment assessment. A separate application must be completed. It must be accompanied by a copy of the notarised contract of sale.

Necessary supporting documents for a credit rating can be obtained here.