UK consumers slow pace of borrowing - Bank of England data

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British consumers increased their borrowing by less than expected in July in a possible sign of caution among households as borrowing costs rise, Bank of England data showed on Wednesday.

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30 Aug 2023

However, I have many questions. For example, what happens if, after we’re accepted for a mortgage, one of us is no longer able to meet the financial obligations? Who would be responsible for the other half of the costs if one of us lost our job? Also, what about future partners? Would our spouses become partial owners of the property? Would that affect our ownership percentages?

I also worry about the potential inheritance of the house, as my parents are lending me part of the money. Who would inherit the property and what would be our respective obligations if anything happened to either of us?

Nick Mann, partner at Seddons, a solicitor, says it’s always good to think about how to purchase a property and the practicalities around it, so everyone is aware of the potential circumstances that could change before, during or after the transaction. In this