What is a mortgage loan in Norway?

A mortgage in Norway (Norwegian: boliglån) is a loan against a property. In other words, a mortgage means that you take money plus interest (credit) from a bank and that the bank has a guarantee that you will get your money back by pledging your property, e.g. house, apartment or land.

A mortgage loan is usually seen as a loan to buy a house. In this case, the pledge is the apartment or house purchased with the money received from the bank. However, this is only one, albeit the most common, type of mortgage loan.

You can also mortgage a property that you already own and borrow money from the bank for a new apartment or house. What’s more, you can take out a mortgage not only to buy a house, but also to renovate it, build it and for other purposes without specifying them.

If you intend to settle permanently on the fjords, this type of financing your four corners is an excellent decision. The instalments you will pay will often be as much as your rent. The difference is that with a home loan you are financing a property that will eventually be yours.

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Mortgage loan in Norway

How do I get a mortgage loan in Norway?

Every story of getting a home loan in Norway is different. However, there are a group of fixed requirements that must be met in order to obtain financing. One of them is the obligation to make an own deposit. Depending on the bank, this is usually between 15% and 25% of the value of the house. If you do not have this amount, you can apply for a start-up loan from the municipality (startlån). However, it is important to remember that a startup loan is not easy to get. Municipalities mainly support people with low budgets, who do not have the means to save for their own contribution and therefore get rejected by banks when they apply for a mortgage.

Mortgage loan in Norway. What can we offer?

By choosing to work with us, you get end-to-end professional support at every stage of your loan application. Contact us and find out how we can still help you. Do not postpone your dreams for tomorrow!

We’ll increase your chances

We know the procedures and formalities. This increases your chances of getting a mortgage.

We will save your time

We will present you with offers from Norwegian banks and help you choose the best one.

We will take care of the formalities

We will make sure that buying a house is a pleasant memory. We will take care of all the formalities up to the receipt of the key.

Free case analysis

We will present you your options for financing free of charge and select the best possible offer. Write to us.

Reduced availability of mortgage loans in Norway

It is worth noting that it is not only rising property prices that are reducing the availability of various forms of financing for their purchase. In 2017, the Norwegian Minister of Finance introduced additional restrictive regulations. They were to be lifted in June 2018, but it was decided to extend the period until the end of 2019.

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Mortgage loan in Norway

Mortgage loan in Norway – how much do I need to earn?

It is worth remembering that basically every bank may apply different income requirements. It is also very much dependent on your credit counselor, whose work largely determines the final decision you will receive from the bank. Despite these dependencies, you will most often encounter an income criterion according to which the value of the property cannot exceed five times your annual earnings.

Mortgage loan in Norway – basic conditions

What to buy – a house or an apartment?

Before you apply for a home loan, you should consider what you would prefer to buy – a house or an apartment? In Norway it is more common to buy a house than a flat, mainly because of the costs involved. If you decide to buy a house, you will have to pay for utilities in addition to the loan. In case of apartments there is one more cost, so called elleskostnader. This is something like rent, which must be paid by every owner of an apartment block.

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Кредит на покупку жилья в Норвегии

Let us help you fulfill your dreams of owning your own home!

A home loan in Norway usually involves visiting several banks. Firstly, to find out about all the financing offers and to choose the best one. Secondly, because you will not always be approved for a loan. This can be frustrating after a long time.

So it is worthwhile to use the services of a specialized credit consultant who will help you with all the formalities. Lorentzen Consulting has years of experience in this business. Choosing to cooperate with us, you will fulfill your dream of living in Norway much faster. We encourage you to contact us!

Mortgage loan in Norway – the necessary documents

When applying for this type of financial product, you will be required to submit the necessary documents. The absolute minimum in all banks are the documents listed below. However, it is worth mentioning that the range of documents required may vary depending on the bank, your credit history, as well as the advisor himself!

We value quality, professionalism and responsibility. Trust us and you’ll know you’ve made the right choice!

Lorentzen Consulting AS is synonymous with reliability. This obliges us to offer services of the highest quality. Over many years of experience, we have acquired the necessary knowledge and skills to help you. Remember – the sooner you contact us, the more effectively we can guide you through the process.
Contact us today for a free, no obligation review of your case. Together we will find the best solution for you.

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