Who can be a co-borrower on a mortgage at Sberbank. Co-borrower on a mortgage at Sberbank

If your monthly income does not allow you to take out a mortgage loan from Sberbank, it is permissible to attract additional help in the form of co-borrowers.
We suggest taking a closer look at who a co-borrower is for a mortgage at Sberbank and what requirements he must meet.

This type of mortgage opens up great opportunities and attractive conditions. This includes a possible increase in the loan size, its repayment period, and the interest rate. As a rule, there can be no more than three co-borrowers.

Read about the deadlines for reviewing a mortgage application here.

By default, the spouse is automatically a co-borrower, and you can also involve any other person. At the same time, he will have the right to own part of the acquired property. So, you should take a very responsible approach to choosing candidates.
The guarantor is required to present a package of documents almost identical to what is required from the main borrower, which is why a co-borrower questionnaire has been developed.

Co-borrower on a mortgage at Sberbank - who is he and what are his rights and responsibilities?

The guarantor for mortgage lending at Sberbank bears the same responsibility as the borrower himself. He undertakes to comply with the terms of the loan, even if he is deprived of a share in the purchased apartment. In the process of obtaining a mortgage, rights and obligations are established by the framework of the agreement. This list includes:

the co-borrower repays a certain amount of the total debt every month;
if the client is unable to pay, the co-borrower takes over the authority;
if the co-borrower is not a spouse, he still retains the right to part of the property;
You can use a tax deduction.

If at a certain point you don’t need outside help, you need to know how to exclude a co-borrower from the mortgage. The procedure begins with both parties submitting a statement of the need to release the person from their debt obligations.

Basically, the criteria for a co-borrower do not have any special standards. There are a number of age restrictions, which are commensurate with the restrictions for the main client.

Package of documents for co-borrower

Passport.
Confirmation of registration.
Marriage certificate (if available).
Passports of relatives living at the same address.
Diploma.
Labor.
Help NFLS-2.
Additional documents (if necessary).

Download a sample of filling out a co-borrower’s application form at Sberbank

Required data for drawing up a borrower application form

A co-borrower on a mortgage at Sberbank must fill out the following sections:

Full name.
Information from the passport.
Contacts, telephones, communication addresses.
Please indicate your education.
Marital status (your own and relatives), details of spouse and children.
Employment: line of activity, name of enterprise, length of service, position.
The amount of income and expenses, even if there are unconfirmed ones.
Availability of real estate, vehicles and their cost.
Sberbank salary card number.

The mortgage application form at Sberbank of Russia is filled out with the signature of some blocks. It is mandatory to put a mark in the “Co-borrower” column.

Download the co-borrower application form for a mortgage

Video about mortgages here:

Welcome! The topic of our meeting today is the co-borrower of a mortgage and his rights and obligations. A co-borrower on a mortgage is sometimes simply necessary. His rights and responsibilities must be known and understood in order not to get into a difficult financial situation. Read this post to the end before taking out a loan and becoming a co-borrower and you will learn not only all the pitfalls of this situation, but also get information about how to withdraw a co-borrower from the mortgage if such a need arises.

A co-borrower in a mortgage is a person who, along with the main borrower, assumes responsibility for the loan. If the main borrower cannot repay the mortgage debt for some reason, the co-borrower does this for him until the mortgage is paid in full. In Russian banks you can register up to four co-borrowers.

The bank will consider a co-borrower if the borrower’s income level does not allow him to issue a loan for the amount he requests. Having a co-borrower is a guarantee for the bank that the debt will be repaid. If the main borrower is sufficiently solvent, he can count on the fact that a mortgage without a co-borrower will be approved by the bank.

The responsibilities of the borrower and co-borrower under mortgage lending are equal. The co-borrower must sign a loan agreement together with the main borrower; often he becomes a co-owner of the purchased property.

It should be remembered that the obligation to pay the mortgage debt instead of the borrower will fall on the co-borrower in any case: even if the borrower has stopped making payments on the loan for good reasons.

Spouses must be co-borrowers on the mortgage loan. If one of the parties refuses to participate, then you need to make a marriage contract and spell out the conditions for renunciation of property and participation in the mortgage.

How is it different from a guarantor?

A guarantor is a person who assumes responsibility before the bank for the borrower and for the latter’s repayment of the loan debt. A guarantor differs from a co-borrower in a number of ways.

The co-borrower’s income is the reason why the bank involves him in the mortgage process. They can significantly increase the maximum loan size that a bank can issue to a borrower. At the same time, the guarantor’s income cannot in any way affect the amount of the mortgage loan that the bank is going to issue to the borrower.

Legal rights to housing

By signing a loan agreement together with the borrower, the co-borrower receives the right to become the owner or co-owner of the purchased property. All rights and obligations under the loan are distributed equally between the co-borrower and the borrower. But the guarantor does not receive such a right, and cannot claim the acquired property. However, theoretically, he can obtain this property in court - as compensation for the funds with which he paid off the borrower's debt.

Obligation to repay a mortgage loan

The standard procedure for repaying a mortgage is as follows: first the borrower pays, then the co-borrower, and only then and only by court decision - the guarantor.

Rights and obligations

Rights of a co-borrower under a mortgage:

Can a co-borrower claim a share in the property of the purchased property? A co-borrower is a full-fledged participant in the mortgage; he has rights to a share in the jointly acquired property. The co-borrower must determine his share together with the other borrowers (the person who took out the mortgage and the other co-borrowers, if any). Moreover, if the co-borrower refuses to act as a co-owner of the purchased property, the bank will not relieve him of responsibility for the mortgage. A person can act as a co-borrower even on several loans at once, but it will be difficult to apply for a loan for himself as the main borrower.

Russian legislation allows the division of joint mortgage debt between the borrower and the co-borrower. This is possible in the following cases:

During the process of dividing property division by divorcing spouses. Such issues are resolved both through a regular settlement agreement and through the court.
With the consent of all participants in the mortgage agreement - the borrower, all co-borrowers and the financial institution in which the agreement was concluded.
If the borrower and co-borrower came to a common opinion and independently determined the rights of each to the housing encumbered with a mortgage. If the parties have not reached an agreement, this problem can be resolved through the court.

The rights of a co-borrower to the purchased property depend on:

Registered housing status;
An agreement, contract or marriage contract concluded between the borrower and the co-borrower. Such a document may contain many aspects about the rights of a co-borrower to housing: in what cases a co-borrower can apply for housing, the boundaries of his rights, duties and responsibilities, etc.
An encumbrance on housing under a mortgage imposed by the bank.

Responsibilities of the co-borrower:

The responsibilities of the borrower and co-borrower are equal. This means that a co-borrower cannot refuse to pay the primary borrower's mortgage debt under any circumstances. The main responsibility of the co-borrower is to fully repay the mortgage debt if the borrower is unable to do so.

As a rule, the loan agreement contains information about the specific duties and responsibilities of the co-borrower to the bank. This document may stipulate, for example, the procedure for repaying the loan - first the co-borrower can repay the debt, and then the main borrower. Or the equal responsibility of the debtors may be prescribed - and they will pay off the loan in equal shares at a time.

Therefore, the main recommendation when registering as a co-borrower is the following: the relationship between the borrower and the co-borrower must be documented if they are not relatives. Many banks even recommend that young couples first get married, and only then act as a borrower and co-borrower - this will help them avoid confusion in any financial conflicts.

Mortgage co-borrower: His rights and responsibilities are detailed in the main mortgage document. Read, you will find a sample of Sberbank in our last post.

Requirements for a co-borrower on a mortgage

If we talk about the requirements put forward by the bank to the co-borrower, it is necessary to remember that each financial institution has its own requirements criteria. The standard requirements for a co-borrower are as follows:

If we are talking about real estate with a mortgage in Russia, then the co-borrower must also be a citizen of the Russian Federation (exceptions are possible in a number of banks).
The co-borrower must work at his last job for at least six months. Some banks set a minimum period of 3 months.
The co-borrower must be solvent. The total amount of monthly mortgage payments should not be more than 50% of the co-borrower’s total monthly income.
The credit history of the co-borrower should not raise any doubts in the bank.
An important criterion is the age of the co-borrower - he should not be younger than 21 years old or older than 65 years old. at the end of the mortgage, but other options are possible (Rosselkhozbank lends from 18 years of age, and Sberbank up to 75 years of age.)

Important! A number of banks, for example Raiffeisenbank, can only accept spouses as co-borrowers. Parents or outsiders cannot be included in the deal. On the contrary, at Sberbank they can be people completely unrelated to each other.

A package of documents for a co-borrower for a mortgage

Standard list of documents that must be submitted to the bank to take out a mortgage:

Russian Federation passport;
SNILS;;
Passports and copies of passports of all family members:
Employment history;
Educational documents – diplomas, certificates;
Certificate confirming income level;
Marriage and birth certificates (optional).

Can a co-borrower waive his mortgage obligations?

Situations often arise when the co-borrower does not want or can no longer share the borrower’s responsibilities under the mortgage. But the desire to get out of the mortgage agreement on his part in this case will not be enough to terminate all legal relations between him, the borrower and the bank.

The co-borrower may demand termination of the loan agreement, change its content, or challenge it, but without the consent of the remaining participants in the mortgage agreement, none of these actions is possible. If the borrower and the bank refuse to meet him halfway, this issue will have to be resolved through the court.

Court consent to remove co-borrowers is often obtained when they have disagreements with the bank - for example, if both of them want to replace or remove a co-borrower from the loan agreement, but the bank does not give permission to do so.

If all three parties come to a common opinion, there are several ways to withdraw a co-borrower from a mortgage:

Sign an additional agreement to the loan agreement, which will indicate that the co-borrower is relieved of obligations under the mortgage.
Conclude a new mortgage agreement with the involvement of a new co-borrower. In some cases, the bank may agree to enter into a new agreement without it.
The responsibilities of the co-borrower and the borrower to the bank can be divided - in this case, two new mortgage agreements will be concluded, and there will no longer be any legal relationship between the co-borrower and the borrower.

However, it must be remembered that banks do not like such procedures at all. For financial organizations, the exclusion or replacement of a co-borrower is always associated with financial risks - after all, such a conflict carries with it the danger that the mortgage debt will not be paid off on time and in full.

Very often, the need to remove the second party to the transaction arises during a divorce. At Sberbank, the withdrawal technology follows the following scheme:

Spouses receive a court decision on the division of property. As part of this decision, it must be stated that one of the parties fully assumes the obligations under the mortgage and reserves the right to the apartment. The other party completely withdraws from the transaction and loses ownership of the mortgaged home.
The bank is provided with a complete package of documents for the remaining borrower (passport, income certificate and a copy of employment). The borrower's income must be sufficient to service the mortgage.
The bank makes a decision on withdrawal based on the documents provided.
An additional withdrawal agreement is signed.

Risks for the co-borrower

Before becoming a co-borrower and taking out a loan together with a borrower, think about the risks that such obligations entail. In life, a variety of situations may arise in which you may have problems. For example:

The most common case is that the co-borrower himself wanted to take out a loan for something. But due to the fact that he is already one of the parties to the mortgage agreement, there is no way he will take out another loan. Even if he is solvent, the bank is unlikely to approve such an unreliable borrower.
The marriage between the borrower and the co-borrower was registered after the parties signed the mortgage agreement. As long as the couple has not separated, there are no dangers in such a situation, but if the couple files for divorce and is going to proceed to the division of property, the co-borrower can no longer claim a share in this apartment. And it turns out that the co-borrower is left without home ownership, but with mortgage obligations.
The borrower asked his friend to become a co-borrower so that he could be approved for a mortgage loan, but for some reason he no longer pays the debt. The co-borrower pays the debt for him, but his friend refuses to reimburse him for the loan costs.

In fact, a co-borrower can be protected from most of the main risks by a simple document - an agreement or contract between him and the main borrower. If the main points of such a relationship are documented, as we have already written about above, then in difficult life situations he can protect himself from many risks due to such a document.

We look forward to your comments below. If you require urgent legal support regarding the division of property or mortgage, please leave a request for a free consultation in a special form.

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To increase the chances of approval for a mortgage, a co-borrower is usually involved - this is an adult individual, a citizen of the Russian Federation, who is jointly and severally liable for payments with the main (title) borrower. What requirements are imposed on it in different banks is described in detail below.

A mortgage loan is the most expensive for individuals: as a rule, we are talking about issuing several million or hundreds of thousands of rubles. Since the official income of one person is often insufficient to pay a large monthly payment (about 15-30 thousand rubles), it is necessary to attract a co-borrower.

He is subject to the same requirements as the main debtor:

age 21-65 (sometimes up to 75) years;
official employment;
official monthly income (salary).

NOTE. Attracting a co-borrower may also be a mandatory requirement of the bank - for example, in the case of officially married spouses, as well as in the case of purchasing real estate using maternity capital.

Rights and obligations

Banks assume that he will assume part of the obligations to repay the loan. Therefore, the main responsibilities are as follows:

Responsibility for loan repayment, commissions, possible penalties, fines, etc. on a par with the main borrower.
Payment of appropriate amounts of money (monthly payments), the amount of which is agreed upon in advance and specified in the mortgage agreement.
Bearing joint and several liability with the main debtor in case of possible non-payment of the loan.

This liability occurs only in cases where the title borrower for some reason cannot pay the debt, for example:

health problems;
death;
dismissal from work;
other unfavorable circumstances.

All circumstances are specified in detail in the mortgage agreement. As a rule, the content of rights and obligations completely coincides.

Rights include:

Obtaining a tax deduction if we are talking about registration of shared ownership of an apartment (equal shares).
Registration of part of the real estate into joint ownership (if we are talking about spouses who are officially married or about maternity capital: in this situation, both spouses and all their children must become co-owners).

Conditions may vary from bank to bank. For example, at Sberbank, co-borrowers who are officially married can register real estate as joint property for themselves and their children, as well as for their parents. In any case, the main (title) debtor is either a full or a share owner.

NOTE. If at some stage he gives up ownership of the property, this does not relieve him of his obligation to repay the debt to the bank. That is, the abandonment of property itself does not deprive the bank of the right to demand repayment of the loan.

Required documents

Basically all the documents that the bank requires are necessary to confirm:

personality, age and citizenship of the Russian Federation (citizen's passport);
the fact of his official employment (a copy of the work record book, which must be certified by the employer: stamps and signatures are placed on each copied sheet);
the fact of receiving a stable official income (usually a 2-NDFL certificate is issued; it is also possible to obtain a certificate in the form of a bank).

A citizen can provide additional documents that confirm his income:

dividend payments;
apartment rental agreement with attached receipts;
royalties for the use of intellectual property, etc.

It is important to understand that the bank will study the credit history of both the main mortgage debtor and his co-borrower: this circumstance is of great importance. That is, you should not attract help from relatives or friends who have repeated late payments. The bank always has the right to refuse to issue a loan without explaining the reason for such a decision.

Thus, the main requirements are related to his financial situation. A citizen who receives a stable “white” salary and also has a good credit history has the best chance of having his application approved.

How to become a co-borrower on a mortgage at Sberbank

In general, the conditions are the same - an adult individual with Russian citizenship and stable income (salary), which can be documented.

For Sberbank, this is a person who takes on part of the financial obligations - their volume is agreed upon in advance and specified in the contract. In general, the requirements for a citizen are exactly the same as for the main debtor:

Age restrictions. At the time of application, the minimum age is 21 years, at the time of full repayment - no more than 75 years.
Legal capacity, citizenship of the Russian Federation.
Work experience – from six months at the current place. The total experience is at least one year in the last 5 years.
Possibility to confirm the fact of official employment and solvency. To do this, in most cases, they provide a copy of the work book and a 2-NDFL certificate.

It is important to understand that the bank can enter into an agreement with a maximum of 3 co-borrowers, i.e. the total number of debtors is no more than 4 people. If this is the spouse of the main debtor, then they must both sign the agreement and assume financial obligations to repay the loan. That is, if the husband takes the mortgage, the wife is an obligatory co-borrower and vice versa.

In this case, it does not matter whether the husband or wife works, what their income is, etc. However, there are 3 cases when the spouse Not must become a co-borrower:

If the persons are not officially married.
If the spouse does not have Russian citizenship.
If the spouses are officially married, but at the same time have a marriage contract that establishes a regime of separate ownership of property.

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The borrower’s income level is not always “suitable” for the bank to apply for a mortgage loan

But if the applicant does not have enough of his own salary, then he can always attract a co-signer, and in some cases even two or three, to help out.

Usually banks willingly agree to this, since for them the presence of co-borrowers is an additional guarantee of loan repayment. And this is also good support for the borrower - both when applying for a mortgage loan and in the event that unexpected problems arise with debt servicing, writes the portal RiaRealty.Ru. But the role of a co-borrower is far from being as “harmless” as it seems at first glance: after all, this person takes on all the same risks in repaying the loan as the main borrower. So if you are approached with a “small” request to become a co-borrower on a mortgage, treat this responsibly.

So, what is the real measure of responsibility of mortgage co-borrowers in the event of current loan repayments or possible “bankruptcy” of the apartment owner.

Director of the Department of Innovation, Methodology and Standardization of the Agency for Housing Mortgage Lending (AHML) Maria Polyakova told RiaRealty.Ru about the peculiarities of relationships between banks and borrowers and co-borrowers. So potential clients of credit institutions will now be able to avoid some unexpected discoveries and be prepared for certain risks.

It must be remembered that if one of the spouses takes out a mortgage loan, the second spouse must become a co-borrower, even if the income of one of them is quite enough to approve the loan. This is how the bank insures its risks: after all, real estate purchased with a mortgage loan automatically becomes common family property in accordance with the Family Code of the Russian Federation (this is if the spouses do not sign a marriage contract with other prescribed clauses). Most banks give preference to co-borrowers who have close family ties. Theoretically, anyone can become a co-borrower - a colleague, a friend, a neighbor... The only requirement is that he must be a citizen of the Russian Federation over 18 years old, who has been employed at his last job for at least six months. But in any case, the bank will ask on what basis a stranger will suddenly pay your debt in the event of your default. Therefore, co-borrowers who are relatives are much better for the lending bank. Typically, the co-borrower is required to provide the bank with a complete set of documents, the same as the package of documents of the main borrower.

Typically, banks have restrictions on the number of co-borrowers - there should be no more than four or five. And some credit institutions allow no more than two co-borrowers. According to the programs of the Agency for Housing Mortgage Lending, the maximum permitted number of co-borrowers is four persons.

In principle, a co-borrower is a person who has only the prefix “co-”, but has the same rights and obligations as the borrower. True, the co-borrower has essentially one duty - he is responsible for repaying the debt jointly with the borrower, and if the main debtor for any reason stops repaying the loan, then the co-borrower is obliged to do it for him. As it turns out, the bank usually does not even see the fundamental difference between the main borrower and the non-primary one. The lender will not even check who exactly the mortgage payments are coming from. One thing is important for the bank: that the required monthly amount is transferred on time, and this will mean that the borrower properly fulfills its obligations, that is, it does not matter who exactly paid the amount in fact - the main borrower or his co-borrower.

But if the payment is not received on time, then the credit institution has the right to make a claim for the entire amount against any of the borrowers, without making any discounts on whether he is a primary or a “minor” borrower. So, if one of the borrowers loses his job, it is assumed that the co-borrowers will pay the loan. If the borrower (who has taken out personal insurance) falls ill or is injured, then he can demand from the insurance company partial compensation for the damage incurred, and in the event of the death of the borrower, the insurance company (again, if there is insurance) pays part of the debt in proportion to the distribution of insurance between the borrowers, the portal writes RiaRealty.Ru. If the co-borrower spouses divorce, then for the bank they still remain equal debtors or mortgagors.

In order to change this status and, accordingly, obligations, borrowers need to obtain the mandatory consent of the credit institution to re-register ownership of, for example, one of the debtors, as well as enter into an additional agreement to the mortgage agreement and undergo re-registration with the Federal Reserve System. But at the same time, the responsibilities of the borrower and co-borrower may be completely unrelated to the right of ownership of the housing that is purchased with a mortgage. The property can be owned by both the main borrower and all co-borrowers at the same time. For example, young spouses often purchase a new apartment using housing that is owned by their parents as collateral. In this case, parents can act as co-borrowers or only as mortgagors - that is, persons pledging their property as collateral for a mortgage loan.

If we talk about co-borrowers who are not owners of real estate, they still bear exactly the same obligations to repay the loan as the borrower-owner. Moreover, if the main borrower stops paying the loan, the mortgagor risks losing the collateral - his home. Moreover, absolutely all borrowers are liable to the credit institution with all their property in the event that after the sale of the collateral, the proceeds are not enough to repay the loan debt. Let's give an example: two borrowers - a mother and an adult son - take out a mortgage loan to buy an apartment and at the same time register the property only in the son's name. Naturally, any of them can make transfers on the loan, but if monthly payments stop, the bank will foreclose on the loan housing, which belongs to the son. And if the amount from the sale of the specified apartment is not enough to repay the debt, the lender will demand the balance of the loan from both the son and his co-borrower mother.

Any citizen can theoretically act as a co-borrower on several mortgage loans at once. Of course, if his income allows it and he is willing to take such a risk. Thus, when applying for each subsequent mortgage loan, the available income of the borrower and co-borrower will be taken into account after deducting all existing obligations, such as alimony, debts and payments on other loans. And if the remaining amount of monthly income satisfies the bank, then only then can a person act as a co-borrower. It must be said that it is impossible to hide your participation in someone else’s loan, since any loan and “co-signed” is recorded in a unified system of credit history bureaus (BKI). Therefore, the bank immediately “sees” which loans the borrower participated in and how this loan was serviced. “All these characteristics are important for a potential lender when assessing the reliability of a potential borrower and can subsequently have a direct impact on the possibility or impossibility of obtaining a loan and on the interest rate,” writes the portal RiaRealty.Ru.

If you nevertheless decide to become a co-borrower on a mortgage loan, approach the issue with all responsibility and write down all the nuances of your debt relationship with the bank (for example, the share of responsibility for repaying the loan) in the mortgage agreement. As practice shows, it is better to involve a co-borrower in your loan or become a co-borrower yourself only if we are talking about your family, since usually the co-borrower becomes the owner of the home along with the main borrower.

It's no secret that many people want to have a larger living space. But your own funds are not always enough to buy another home. A mortgage can come to the rescue in these cases. To obtain it, you often have to attract guarantors or co-borrowers. Next, we’ll figure out who a mortgage co-borrower is, what rights he enjoys and what he is responsible for.

Mortgage co-borrowers - who are they?

Not everyone can take out mortgage loans on their own. Therefore, you often have to resort to the help of co-borrowers.

Co-borrowers on a mortgage loan, unlike guarantors, act as participants in the main transaction.

In fact, the mortgage transaction in this case is concluded by several persons. And if the main borrower is unable to fulfill its obligations under the transaction, then the credit institution may turn to co-borrowers. You can attract from two to five additional borrowers to participate in the transaction.

Involving a co-borrower helps you obtain a mortgage on more favorable terms. Sometimes, without the involvement of such assistants, obtaining a mortgage will be impossible. It is a certain guarantee of loan payments for the bank. Despite the similarity with a guarantee, this type of security for payments on a mortgage loan has its own characteristics. Let's look at them in more detail next.

Mortgage without a co-borrower

It is possible to take out a mortgage without the involvement of such assistants. Co-borrowers are not a requirement to complete the deal. But for people who do not have high incomes, obtaining a mortgage is possible only if some kind of security is provided. For this purpose, you can attract guarantors or co-borrowers.

When registering a transaction for several persons, there is a greater chance of receiving money, as well as increasing the amount of the loan provided. When deciding whether to issue a mortgage, banks evaluate the income of the proposed co-borrower.

A mortgage without a co-borrower is suitable for those individuals who have sufficient income to obtain a loan on their own.

Co-borrowers on a mortgage loan: rights and responsibilities

All rights and obligations of the co-borrower are specified in the concluded loan agreement.

In general, he has the same powers as the main debtor. He participates in the transaction on an equal basis with him, so he gets the opportunity to claim part of the acquired property. In addition, but can count on receiving deductions related to the purchase of housing. His main responsibility is to pay off the mortgage loan. At the request of the credit institution, he must pay the mortgage instead of the borrower. In case of late payment, he will also have to pay a penalty and other penalties specified in the contract.

The co-borrower also signs the agreement, so his rights and obligations coincide with the powers of the debtor himself.

Co-borrower's rights to an apartment

Co-borrowers, as participants in the transaction, may well qualify for the housing purchased with a mortgage. The transaction is executed in the name of several persons who are equally entitled to receive a share of the mortgaged apartment. In essence, they become co-owners of this home, unless otherwise stated in the mortgage agreement.

The rights of the co-borrower to the apartment are determined when drawing up the mortgage documents.

Can a co-borrower take out a mortgage?

Co-borrowers agree to pay the mortgage together with the borrower. Sometimes transactions are concluded in this way by married couples. In some cases, friends and relatives with a good income are brought in for this purpose.

But what to do if the co-borrower himself needs to take out a loan?, Can a co-borrower take out a mortgage?

A ban on obtaining a mortgage by persons already acting jointly with the borrower under another agreement. Banks in such cases will assess his financial condition . If his earnings (other income) allow him to pay for several transactions, then there will be no objections. Most often, credit institutions want to see clients whose mortgage payments will be no more than forty percent of their earnings.

How to get rid of co-borrowers on a mortgage

Termination of obligations of co-borrowers is usually associated with the execution of the mortgage agreement. However, there are situations when a person who has agreed to jointly sign an agreement later wants to withdraw from it.

Let's look at what needs to be done, to get out of co-borrowers on a mortgage.

Firstly, this issue should be resolved together with other borrowers and the bank. If they agree to re-registration, then an additional agreement or new document can be made, which will indicate a different person or offer another way to ensure payments under the contract.
Secondly, if an agreement is not reached, these issues will have to be resolved with the help of the court.

Requirements for a co-borrower on a mortgage

Banks are interested, first of all, in obtaining good income. Therefore, when issuing loans, they carefully study the client. Lenders prefer to enter into transactions with reliable borrowers who are able to pay back the money received to the bank and even with interest. The identity and financial viability of the co-borrower is also verified.

Depending on the bank chosen to issue a mortgage, the requirements for recipients of borrowed funds may also change. Basically, these requirements relate to the client’s age, his level of income, and the absence of problems with payments on previously taken loans.

The age limit is set by banks from 21 to 65 years. Therefore, retired people are unlikely to be approved as co-borrowers.

In addition, applicants are required to have Russian citizenship and have worked in their current job for at least six months. The income of the second borrower must be enough to repay the debt and interest on the mortgage.

Often spouses or relatives act as co-borrowers. But the second borrower can also be another person who meets the bank’s requirements.

The additional borrower acts as a full participant in the mortgage transaction.

This means that he shares responsibility with the main borrower if any problems arise. The details of its occurrence are stipulated by an agreement concluded between all parties. It may occur when the borrower fails to comply with the terms of the mortgage transaction. In this case, the bank will first have to wait for execution from the debtor himself. And then contact his co-borrower.

The agreement can also indicate their joint equal responsibility.

If there are several co-borrowers in the agreement, then the bank can contact each of them with a requirement to fulfill the obligation.

Documents for a co-borrower for a mortgage

To complete the transaction, the co-borrower will need to provide the bank with a package of necessary papers. Their list may differ slightly in different banks. But usually you need to provide:

Passports (other identity documents);
SNILS;
certificates of earnings, other documents on income;
about marital status and persons living with him;
information about education.

The bank may also require other documents. Therefore, it is better to check their full list in advance with the bank you have chosen to receive a loan.

What is the difference between a co-borrower and a guarantor?

Involving both guarantors and co-borrowers is intended to guarantee the bank a certain degree of mortgage payments. But these persons have different status and scope of powers.

Guarantors are not participants in the mortgage transaction on an equal basis with the borrower. Therefore, they do not receive any rights to the purchased housing. And they respond when the borrower was unable to fulfill contractual obligations to the bank.

When attracting guarantors, their income is not taken into account by banks.

Co-borrowers have more responsibility, but they also acquire rights in relation to the mortgaged apartment.

Co-borrowers are subject to the same requirements as the borrowers themselves.

Credit history, risks for the co-borrower

It's worth thinking carefully before agreeing to help someone get a mortgage. After all, this carries certain risks for the co-borrower.

First, he may be required to pay off the mortgage debt. This rule also applies if he does not apply for a mortgaged apartment. In the event of litigation, you will have to pay not only the debt and accrued interest, but also penalties and legal costs. If the co-borrower does not have enough money to repay them, then the bailiffs can seize his property.

Secondly, problems with payments under an agreement concluded with his participation may have a negative impact on his credit history. Before executing transactions, banks carefully check information about all credit obligations of a particular person.

Important! You should not sign an agreement if you are not completely confident in the solvency and integrity of the borrower.

In addition, it will be more difficult for a person who is a co-borrower under a mortgage agreement to obtain a loan for himself.

Execution of other mortgage agreements is not prohibited, provided that the client’s financial condition allows him to make payments on several loans.