Co-applicant (spolužadatel)
A person who applies for the mortgage together with the main applicant and whose income and liabilities the bank includes in the creditworthiness assessment. Once the loan agreement is signed, the co-applicant becomes a co-borrower liable for the whole debt. It is usually a spouse, partner or parent; for married couples with community property (společné jmění manželů), banks normally require both spouses to apply.
Example
An applicant with a net income of CZK 60,000 can reach roughly CZK 5.0 m at 5.00 % over 30 years. Add his partner as co-applicant, for a combined net income of CZK 100,000, and the bank allows approximately CZK 8.4 m. If at least one of them is under 36, the bank can lend up to 90 % of the property value.
In practice
The bank adds up the incomes, but it also adds up all the liabilities, so a co-applicant with an old credit card or a register entry can weaken the joint application. Unmarried partners should also settle their co-ownership shares in the property, as a co-applicant need not be an owner. Parents who join “just on paper” should know that after signing they are liable for the whole debt, exactly as you are.
How it differs
Co-applicant is the role at the application stage; co-borrower is the role once the contract is signed, and in practice it is usually the same person. A guarantor stands apart: they do not apply for the loan and pay only when the borrower does not.
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