Mortgages for Foreign Nationals in Iceland
Icelandic banks are generally open to lending to foreign nationals, though the process can be more difficult than for Icelandic citizens. Some banks will require foreign nationals to provide additional documentation or have a higher credit score.
Local Lenders in Iceland?
Some of the major banks in Iceland that provide mortgages include:
- Arion Bank
Deposit Requirements in Iceland
The deposit requirements for buying a property in Iceland vary depending on the lender and the type of property being purchased. Typically, a deposit of around 20-30% of the purchase price is required.
Outstanding Debts in Iceland
In Iceland, the new property owner is responsible for any outstanding debts on the property, such as unpaid taxes or mortgages. It is important to conduct a thorough investigation of the property’s financial history before purchasing to ensure that all debts have been paid.