Apply for a Mortgage

Apply for a Mortgage Through Loan.no

You can apply for a mortgage through Loan.no by completing one free and non-binding application. Your application is forwarded to our lending partners, who assess whether they can offer you a mortgage.

A mortgage is normally used to purchase a property, with the property acting as security for the loan. The amount you can borrow and the terms you may be offered depend on factors including your income, total debt, deposit, property value and ability to repay.

Prepare Your Mortgage Application

Before applying for a mortgage, get a clear overview of your finances and the property you want to buy. Providing accurate information helps our lending partners assess your application.

You should know the approximate property price, how much deposit you have available and the amount you need to borrow. You should also provide details of existing debt, regular expenses and other financial commitments.

From Application to Assessment

Your application includes information about the property, the amount you want to borrow and your financial circumstances. It is then forwarded to our lending partners for assessment.

The lending partner will normally carry out a credit check and assess whether your finances can support the mortgage. You may also be asked to provide documentation covering your income, debt, deposit or other relevant information.

If a lending partner can offer you a mortgage, you will receive information about the loan amount, interest rate, fees, repayment term and monthly payment. You are not required to accept the offer.

Deposit and Property Value

Your deposit is the part of the property purchase that you finance without the mortgage. Under the current Norwegian lending regulations, a standard repayment mortgage can normally cover up to 90% of the property value.

This generally means that you need a deposit of at least 10%. A lender may still apply stricter requirements based on your finances, the property and its own credit assessment.

Remember that costs associated with purchasing the property may be payable in addition to the purchase price. Consider how much of your available funds can actually be used towards the property itself.

Debt and Ability to Repay

When you apply for a mortgage, the lender considers your total debt. This can include mortgages, student loans, car finance, personal loans and available credit limits.

Total debt should normally not exceed five times your annual gross income. The lender will also assess whether you could continue making the mortgage payments if interest rates increased or your financial circumstances changed.

Your borrowing capacity is assessed using your income, debt, regular expenses and normal living costs. The amount you are offered may therefore be lower than the amount you applied for.

You can read more about the requirements in the Norwegian Government’s guidance on the Norwegian lending regulations.

Mortgage Interest Rates and Costs

Mortgage rates are normally determined individually. Your loan-to-value ratio, income, total debt, payment history and the property being used as security can all affect the rate you are offered.

The nominal interest rate shows the interest charged on the mortgage itself. The effective interest rate also includes relevant fees and provides a clearer picture of the overall cost of borrowing.

Check arrangement fees, ongoing charges and any requirements to use additional banking products. The lowest advertised rate will not necessarily provide the most suitable overall agreement.

Repayment Term and Monthly Payments

The repayment term determines how long you have to repay the mortgage. A longer term may reduce your monthly payment, but will normally increase the total amount of interest you pay.

A shorter term results in higher monthly payments but can reduce the total cost of borrowing. Choose a repayment period that keeps the monthly payment manageable without extending the mortgage unnecessarily.

Mortgages with a loan-to-value ratio above 60% are normally subject to repayment requirements. Check how repayments are structured in any mortgage offer you receive.

Mortgage Pre-Approval

A mortgage pre-approval can provide an indication of how much a lender may be prepared to lend you. This can help establish a realistic property budget before you start bidding on a home.

The pre-approval is based on the information available when the assessment is made. The lender must still approve the specific property before the mortgage can be completed.

Check how long the pre-approval remains valid and notify the lender if your income, debt or available deposit changes.

Documents for a Mortgage Application

The lending partner may request documents to confirm the information provided in your application. The exact requirements will depend on your financial circumstances and how far you have progressed with the property purchase.

Make sure your documentation is current and matches the information in your application. Missing or incorrect information may delay the assessment.

Calculate Mortgage Costs

A mortgage calculator can show how the amount borrowed, interest rate and repayment term may affect the estimated monthly payment and total amount repayable.

The calculation is only an estimate and does not constitute a binding mortgage offer. The actual cost will depend on the interest rate, fees and terms you are offered.

Compare Mortgages Before Applying

Before submitting an application, it can be useful to see how interest rates, fees, borrowing amounts and mortgage terms differ between lenders.

Our mortgage comparison lets you review available information from several lenders before deciding how you want to proceed.

Review the Offer Before Signing

Before accepting a mortgage offer, check the loan amount, interest rate, fees, repayment term, monthly payment and total amount repayable.

Also review the conditions for additional repayments, interest rate changes and any fixed-rate period. Check whether the offer requires you to move your salary account, insurance or other banking services.

You are not required to accept an offer you receive. Sign only once you are satisfied that the mortgage suits your finances and property plans.