Difference between going on mortgage and being guarantor on a mortgage?

katepnlo

Would someone be able to clarify the difference between the two for me.
I have a mortgage promise for X amoun,t but one of my incomes i cannot prove,so cannot be included.So i can afford more in reality.They are willing to lend me it if my mum is on the mortgage with me.
Long story short my mum is looking at helping me and we are trying to figure out which is the way to go; her being on the mortgage with me,in which case she will be on the house deeds etc.
But what is a guarantor? how is this different.
Is there benefits to one way or the other?
It will be with Halifax.
Thank you

K

koexelek

If you are on the mortgage, you part own the house. If you are a guarantor, you don't ( basically, you are back up for paying it if the owner defaults)

katepnlo

which is the best/easiest/cheapest way to go?
As i will not be defaulting or skipping the country lol.
i have total faith i can pay the mortgage and i am not a first time buyer,i already have an existing mortgage, just porting it over to a new house and borrowing a little extra,which is where mothers name comes in.

thank you for your quick reply
K