What’s the biggest commitment you and your partner could make to one another?
Surprisingly, you won’t have to get down on one knee, and the only box you’ll need is the one carrying your belongings. Almost two-thirds of first-time buyers think that buying a home together is a bigger commitment than saying ‘I do.’ (Source: Barclays)
Further still, 29% of people believe that buying a home together is a good way to test a relationship’s strength and argue that a mortgage should come before a marriage.
Naturally, the percentage of people who plan to put buying their first home above getting married in their priorities differs across the regions:
- North East (51%)
- East Anglia (50%)
- North West (45%)
- Yorkshire and the Humber (45%)
- South West (41%)
- East Midlands (38%)
- London (38%)
- Scotland (35%)
- Wales (33%)
- South East (33%)
Does it boil down to money?
You could be forgiven for assuming that the decision between buying a house and getting married comes down to affordability. However, according to the research, 56% of UK couples would still buy a house first, even if they could afford to do both with no restrictions.
In London, just 33% would choose to tie the knot before getting the keys to their first property.
Unfortunately, the need to make the decision between marriage and buying a home has caused arguments between 13% of couples.
Furthermore, a lack of funds to make either a reality has meant that more than half (54%) of London couples have had to resort to living with their parents or in-laws to save enough money for a deposit.
Hannah Bernard, Head of Mortgages at Barclays, commented: “With house prices at an all-time high, it’s no surprise that young couples see a joint mortgage as the ultimate act of modern-day commitment. Buying your first home is a big step in any relationship and we understand that the journey starts long before you apply for a mortgage.
“From the moment you start saving to the first day’s house hunting, we want to help people stay in control of their money – whether through our competitive Help to Buy ISA or our innovative Family Springboard mortgage – so that young couples no longer have to choose between marriage and their dream home”.
Before making such a strong commitment as getting a mortgage for your first home, it’s crucial that couples understand how their partner thinks and behaves when it comes to money. Corinne Sweet, Relationship expert, has partnered with Barclays Mortgages to create top tips and tricks to help young couples financially prepare for the journey to owning their first home.
If you want both a marriage and a mortgage, you will also need to consider the options available to help you to save toward your dream wedding, these include:
- Setting a budget and sticking to it: Whether you determine your budget by analysing the ‘must-have’ details you will need to pay for, or by accounting for the amount you can save in the time you have left, you need to know what figure you are working to. Remember to make sure your budget is realistic and affordable.
- Compromising on the small things: Those words might strike fear into your core, but there are some things that can be made cheaper, and no-one will even know, for example, you could make your own cake or buy a second-hand dress. Of course, if you must have the most expensive or luxurious version of everything, you are going to have to re-think your budget, or find new ways to maximise your savings.
- Asking friends and family for help: If you have generous relatives and close friends who won’t mind contributing to the wedding fund, it is worth asking them to do so. Nicely of course. To reduce one of the biggest costs of getting married, why not request contributions toward your honeymoon in lieu of wedding presents?
- Accessing credit (carefully): Some couples choose to take out loans to fund their dream wedding party. However, we urge caution if you are considering this as an option, and strongly suggest you speak to a financial adviser or planner before making any commitments you might not be able to uphold in the long term.
- Utilising savings opportunities: There are a range of savings accounts and options available to help you to make sure that your money is in the best position to help you to reach your dreams. For more information about these options, speak to a financial planner or adviser, who will be able to help you find the products which are best suited to your situation.
Can you have it all?
Potentially, but it won’t be easy.
There are many options available for making buying your first home easier if you are based in London, and we have covered each of them in detail, many times. To read about those options, please refer to our previous post, or get in touch with us to talk about your situation one-on-one.
Whether you’re looking to get married first, buy a house first, or take on the crazy challenge of doing both at once, we’re here to help you with all your mortgage needs, so please feel free to get in touch with us on 0800 612 8099, or click here to request a call back.