It is debtor and non-proprietary. The guarantor is the figure best known, although not always understood its true scope. A guarantor responds with everything that enters or shall pay, in addition to with all their assets. And also the Bank can go against the guarantor, rather than against the main headline if you wish to include clauses that We waive the benefit of order, division and exclusion. A guarantor responsible for a debt that is not theirs that has served to buy a good that is not your property. If you want to help their children, perfect. But if it endorses a mortgage where there are other owners, for example the couple of their offspring, it may if there is relationship problems its heritage pay it.
The mortgager no debtor this figure is less known to the public in general, but not because it is not in use, but because it is not explained. The mortgager no debtor mortgage your home but do not owed nothing to the Bank. Well, technically, in practice is another thing. What makes the financial institution is taking a mortgage of the mortgager no debtor, responding only your home mortgaged part (responds by mortgage liability assigned to their farm). The more frequent case is that of a couple who requested a 100% mortgage plus expenses. Currently the most often granted banks is 80% of the valuation; sometimes give the option of mortgaging another House to get to 100% (and is) mortgage housing of the mortgager no debtor). This formula is much more beneficial than the guarantor because we know that in the event of failure to pay our debt is limited to the mortgaged and nothing more. The negative side is that it limits the disposition of the mortgaged (should pay off the mortgage in order to sell). what you have to be careful is that not made us sign of guarantor and, in addition, mortgager no debtor, thing that frequently our sympathetic financial entities.