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Co-applicant

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hyponamiru.cz / Glossaries / Co-applicant

People can apply for a mortgage either individually or jointly with one or more other people. Co-applicants are defined as people who apply for a mortgage together with the main applicant. Banks set a maximum number of applicants according to their own methodology, usually limited to four. According to internal statistics from hyponamiru.cz, in 54 percent of cases two to three people apply for a mortgage.

The co-applicant must also meet the bank’s conditions

When processing a mortgage, the bank views the co-applicant in the same way as the main applicant. The co-applicant must therefore meet the same conditions as the applicant. The basic condition is that the co-applicant must be of legal age and have legal capacity. He must also have a regular and verifiable source of income and must not have a social security or health insurance debt or be in foreclosure. When assessing an application for a mortgage, the bank also looks at the amount of regular monthly expenses (e.g. insurance, maintenance) and the amount of regular repayments on existing loans and credits.

spolužadatel na hypotéku

Why is it advantageous to apply for a mortgage for two?

A relatively common obstacle to obtaining the required mortgage amount is insufficient income. If one applicant is unable to obtain a mortgage loan, it is worth inviting another co-applicant. The incomes of both applicants are added together and the bank can easily approve a higher loan amount. Mortgages with multiple applicants are safer for banks. For example, if one income is lost during the course of the mortgage, there is still at least a second income from which the regular monthly repayments can be made.  

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První kroky k nové hypotéce

Tak, jako rodiče pomáhají svým dětem s prvními krůčky a chrání je před pádem, my pomáháme lidem k vysněnému bydlení. Provedeme vás celým procesem získání výhodné hypotéky. Od začátku, až do konce, bez zakopnutí.

 

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Frequently asked questions

Can a mortgage be really arranged online?

Yes, it can. Thanks to the latest technology we’re using, you really don’t need to go to the bank to arrange a mortgage. Check it out for yourself.

Do you deal with new mortgages as well as refinancing?

Yes, we deal with both new mortgages as well as refinancing of the existing home mortgage loans. Our specialists will find a solution for you in either case – a solution you can afford.

With which Czech banks do you have the best experience?

The most client-oriented bank is certainly Hypoteční banka with their speed of request processing, the service quality, the range of checking accounts they offer, and the interface called “Mortgage Zone”. Other such banks include Komerční banka, Moneta and Raiffeisenbank.

How long does it take to arrange a mortgage?

A mortgage can be arranged within a month or three. The whole process usually takes around two months. The reason behind it is mostly the approval process on the side of the banks. However, there’re plenty of possibilities to speed up the mortgage application and we know them. Check it out for yourself.

We facilitate consumer credit as a tied agent registered by CNB under company ID number 05736501. We are also registered as an independent consumer credit broker of commercial company Broker Trust, a.s., company ID number: 26439719.

@ 2023 The company Hypo na míru s.r.o. is registered at the Municipal Court in Prague, file number C 269834, company ID number: 05736501.