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An affordability assessment is the first step towards buying a home. Knowing how much you can afford to borrow makes it easier to find the right property.
Use your electronic ID to authorise us to access information such as your income, assets and liabilities. We then calculate your borrowing capacity in minutes.
A credit assessment costs ISK 7,000 for an individual and ISK 12,500 for couples. You must pay the fee even if the loan is not granted.
Married couples and individuals who are buying a property together can apply for a joint affordability assessment. To get started, both applicants must confirm that they share a household and living costs.
Under the Central Bank of Iceland's borrower-based measures, mortgage repayments cannot exceed 35% of your income. For first-time buyers, the maximum ratio is 40%.
Your affordability assessment is valid for six months, and you can return to it at any time during that period. It will close automatically once your loan application has been approved or declined.
If you need an affordability assessment for a loan from a lender other than Arion Bank, Frjálsi Pension Fund or EFÍA, it must be signed and paid for in accordance with the bank's tariff.
Once you've received the results of your affordability assessment, you'll have a good indication of how much you can borrow. Keep in mind that the assessment does not include property running costs or the Central Bank of Iceland's borrower-based lending rules.
Rather than borrowing the maximum amount available, it may be worth leaving some financial flexibility to cover other costs.
