Up to what age you can be a guarantor
It consists of the suspension of the obligation of payment of loans and credits without mortgage guarantee contracted for the purchase of different consumer goods such as vehicles, household appliances, etc. The measure is also applicable in the case of a guarantor or surety of the principal mortgagor, under the same conditions established for the latter. In any case, guarantors and sureties may demand that the principal debtor’s assets be exhausted before the secured debt is claimed from them, even if they have expressly waived this right in the contract.
Guarantee with payroll
But there are other ways to answer the question of what is a guarantee. Another of the best known definitions is the one that considers the guarantee as the property or asset that a person presents as a commitment to fulfill an obligation to a third party. In this case, the surety (whether it is real estate or any type of asset) functions as a bail bond.
“This Thursday, Judge Pedraz rejected the mortgage guarantee that Conde presented as payment of the bail, since it can only be presented in cash or by means of a bank guarantee. Said guarantee was based on the four estates of the executive vice president of the Francisco Franco Foundation, Jaime Alonso García and his brother José Ángel, a trustee of the same organization.”
I can be the guarantor of two people
The president of the Association of Notaries, José Ignacio Navas, considers that the novelty is “that everything remains the same”. In his opinion, what really needs to be done is “a family insolvency law” because although families can declare themselves in insolvency proceedings, “they do not usually avail themselves of this formula”.
Navas considers that the worst thing is that the Government has not dared to reform the problem of foreclosures. That is, the bank can keep the house for percentages ranging from 50% to 70% of the appraisal price – depending on the auction round awarded – and the debtor is left without a house and is obliged to continue paying the bank the difference.
With this reality, these people, says Navas, “are condemned to what I call civil death, since they enter the register of defaulters and cannot open a bank account for the rest of their lives, sign a contract…”.
Guarantor with your own home
If you want some of the best real estate credit brokers to analyze the possibilities you have to get the best mortgage, with and without guarantors, do not hesitate to fill out the following form without obligation:
To both questions we are going to answer below. If you have more questions about mortgages and personal finance, do not hesitate to ask our experts free of charge in our mortgage forum.
If you have a large stable income, you are a relatively good candidate. A guarantor who is unemployed or on temporary contracts (or self-employed) is the worst candidate and will certainly not be of any help in getting approved for the mortgage.
In any case, if the guarantor wants to buy a house in the future, he/she should know that it will be more difficult to get a loan because he/she is in the CIRBE as a guarantor, in the indirect risk section.
Sometimes it is possible that a family friend accepts to guarantee the purchase of a house, but pretends that the guarantee is only his or her salary or professional or business income. Based on this claim, he/she refuses to provide copies of the deeds of his/her properties or any other type of asset information.