Landsbankinn now offers electronic public registration of refinanced mortgages, first among the domestic banks. Work is under way to allow for electronic registration of all housing mortgage documents.
This means that our customers can now refinance their mortgage, finalise all documents and have the Bank handle public registration electronically. There is no longer any need to visit a District Commissioner for public registration. This was a large and wide-reaching undertaking which has been in the works since 2019, in good collaboration with the District Commissioners’ offices and others.
Lilja B. Einarsdóttir, CEO of Landsbankinn: “Our emphasis on offering competitive terms and excellent service has boosted Landsbankinn's market share in the mortgage market greatly. The Bank’s employees throughout Iceland can provide mortgage advice and process mortgages regardless of location and this has minimised waiting time. Despite greatly increased demand, we have managed to make the mortgage and refinancing processes simpler and less time consuming. Taking advantage of digital channels to conclude public registration of documents saves even more time and effort. Our goal is to make life simpler for our customers and electronic public registration certainly helps.”
Landsbankinn's housing mortgages
Landsbankinn's housing mortgages cover up to 85% of the market value of an asset, 70% basic mortgages have an up to 40-year term and 15% additional loans have a term of up to 15 years. For refinancing, the maximum mortgage is 70% of registered real estate value. Interest can be either inflation-indexation or non-indexed, fixed or variable. If the loan-to-value ratio is lower than 60% of registered real estate value and you have a fixed-rate mortgage, you pay lower interest. Fixed interest is even lower if the loan-to-value ratio is below 50% of registered real estate value.