Enable’s IFAs of Bishops Stortford know it is not very romantic to prioritise a mortgage over marriage. But there are so many difficulties families are experiencing at the moment when it comes to having your perfect day and with the cost of a wedding and a deposit both extremely high, many couples are having to choose between marriage and their dreams of owning a home.
According to some new research from Direct Line Life Insurance.6.3 million UK, adults believe getting a mortgage is more important than getting married, and 76% of Brits think buying a home is an important life goal but only 64% think of marriage in the same way.
The cost of managing to do both – marry and get a mortgage at the moment exceeds £80,000. The average cost of a wedding in the UK currently stands at £32,000 and the average first-time buyer’s deposit is standing at £48,500. No wonder the average age to get married has been pushed up to 37 years! Even at that age with an average salary of £32,700 couples would need to save 10% of their salary for 15 years to be able to fully fund both a wedding and a mortgage. No wonder some difficult decisions have to be made.
In addition, it would seem that if people decide to get married before getting a mortgage there is evidence they tend to overspend on the marriage and the unplanned additional money tends to come from property buying savings destined to secure a mortgage.
There is no doubt that the cost of a wedding and the cost of a deposit for your first home is high. If you are struggling with decisions about how to have your perfect day and work towards owning your dream home Enables IFAs can help you look at all your options for saving and borrowing so hopefully all your dreams come true.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage