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 through: Mínar síður- umsóknir.
Documents required
- 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.
- Other applicants must submit their consent during the application process.