Mortgage Ung (Young Adults)

A mortgage guarantor is a person who provides their property as additional security for a loan. This could be parents, for example.

A secured guarantee can be an alternative to cover a shortfall in equity. As a mortgage guarantor, you provide your own property as security for someone else's loan. This means that the bank holds you responsible for paying the debt if the person you have guaranteed for does not pay. It is important to think carefully before agreeing to guarantee for someone. You can set a limit on how much you are willing or able to guarantee.

One solution to meet the equity requirement is to take out a private loan from your parents. A private loan can be interest-free and repayment-free, but must be in writing and submitted as documentation to the bank and entered in your tax return.

Your parents can help with the property purchase by acting as co-borrowers. In that case, both your income and debt and your parents' income and debt will be assessed to determine how much mortgage you can obtain from the bank. This means that you are all jointly liable for the total home loan you take out.

If you have bought a home with several bedrooms, you have the option to rent out a bedroom to increase your total income.We add the rental income from a maximum of one bedroom based on the expected rental income from the room, but no more than NOK 7 500 per month. Remember to think carefully about how your finances would look if you were without a tenant for a period, and the bank must take this risk into account in its calculations. You must inform your insurance company about partial letting and draw up a tenancy agreement.

Joint debt is debt that belongs to a housing cooperative, and everyone who has a share or proportion in a flat in the cooperative also owns part of the debt.

The debt is often taken out to pay for work in the housing cooperative that benefits all the flats or residents in the cooperative, such as bathroom refurbishment, window replacement, façade renovation or balcony construction. You repay the joint debt monthly together with the service charges. High joint debt means high service charges.

NB! Joint debt counts as your debt and affects how much you can borrow from the bank.

If you have not saved up enough equity yourself, one solution may be to receive a cash gift or advance on your inheritance. This money must be deposited into your account in connection with the property purchase.

With two incomes and more equity, it can be easier to enter the property market. You will be able to share the costs and there will be double the income assessed when determining how much mortgage you can take out.

If you are buying a property together with someone, you should agree on the ownership share, how much equity you need to use, the distribution of the home loan and costs, as well as a clear exit strategy.Read more about buying a home together here.

When you apply for a mortgage, we process information about your income, debt and assets. We obtain information directly from you, from our internal systems and from public registers.

From our systems, we retrieve information about application, payment and transaction history for loans, credit and accounts that you hold with us. We can connect you to Altinn (the Norwegian digital portal for dialogue with public agencies) so that the Norwegian Tax Administration receives your consent to disclose information about income, debt and assets.

We can also obtain an overview from the Debt Register of your unsecured debt, information about property details from the Norwegian Mapping Authority, as well as taxable income from the previous year and payment remarks from credit reference agencies. You will receive information from credit reference agencies when the information has been obtained from there. Our processing of the aforementioned information forms part of an automated risk assessment process.

The processing is necessary to comply with both regulatory requirements and safeguards our own legitimate interest in managing our own risk and ensuring sound finances and payment capacity among our customers. In addition, we are legally obliged to protect ourselves against money laundering and financial crime. If you object to our processing, we cannot process your loan application, but you always have the right to correct information that is incorrect.

When we grant a loan, DNB is an obliged entity to the authorities. When we decline a loan, we register this with us in order to be able to notify you of the rejection and, if necessary, subsequently document the matter. Registered information about a rejection may affect your future applications.

DNB Bank ASA (the Bank) and DNB Boligkreditt AS (Boligkreditt) have joint responsibility for the processing of personal data. This means that your information will be available to both the Bank and Boligkreditt during both the application process and after the loan has been established.

The Bank and Boligkreditt are obliged to comply with requests for correction of any errors and, on their own initiative, delete information that is no longer necessary. The Bank is obliged to consider objections to the processing of personal data and must always comply with reservations against direct marketing. Boligkreditt does not have marketing as a purpose when processing personal data.

Read about how you can exercise your privacy rights in our privacy notice / "What are your rights" and contact details under "Questions and complaints".

DNB's Data Protection Officer (DPO) can be contacted by email at personvernombudet@dnb.no or by regular post: DNB, c/o Data Protection Officer (DPO), PO Box 1600 Sentrum, 0021 Oslo