Marriage vs Mortgage

Marriage vs Mortgage

Britons are shunning big white weddings in a bid to get on the property ladder, new research from Barclays reveals. Fifty two per cent of Britons – more than half the UK population – would choose to put their savings towards a deposit for a property – proving that home really is where the heart is.

Marriages are in the minority with just one in ten opting for wedding bells over their own doorbell.  Perhaps most surprisingly, the wedding charge is led by men with almost twice as many men choosing marriage over bricks and mortar than women with 16 per cent vs 9 per cent.

With the cost of a wedding averaging £20,000, the findings reveal that almost one in ten Britons have decided to downsize the scale of their nuptials or delay them altogether in an effort to save for a property purchase. 

So daunting is the prospect for many that 13 per cent would consider asking guests for a monetary contribution towards the cost of their wedding instead of a traditional gift if they were looking to tighten the purse strings. 

Laoiseach Lynch, head of mortgage products at Barclays said. “With the average home deposit costing in the region of £16,000, it’s not surprising that couples are having to think twice about the way in which they tackle the dilemma of tying the knot and buying a property. 

“What we’ve seen, however, is that with a little lateral thinking and some sensible saving and budgeting they are finding increasingly savvy ways to have their wedding cake and eat it.”

As emotive and potentially thorny as the subject may be, it seems couples are bound not in matrimony but in agreement; just 5 per cent admit to disagreeing on whether to get married or buy a home.

The study also revealed:

• The Northern Irish and Londoners are most likely to choose marriage over a mortgage (18 per cent and 16 per cent respectively); the South and Wales are least likely (9 per cent apiece)

• Almost two thirds of adults living in the South would rather focus on buying a home compared with just two in five of those in Northern Ireland

• Men are more likely to consider ‘pre-gifting’, with 16 per cent saying they’d consider asking guests for help with the wedding beforehand,  versus just one in ten women

Top tips whether you’re being carried over the threshold or simply want to buy one:

Something old: and so the old adage goes; a little goes a long way. It may seem obvious but try to put away a fixed amount each month. It won’t be long before you start to see that pot of savings grow

Something new: get the free Barclays mobile banking app, allowing you to access your finances on the go and keep on top of your savings plan and outgoings

Something borrowed: in the current climate, we’re seeing more than ever, families getting together to help out with big financial decisions such as buying a home and saving for a deposit. Explore the Barclays Family Affordability Plan which allows parents to help their children get on or move up the property ladder

Something blue: there’s nothing quite like talking to someone about the big decisions in life. Barclays is on hand to advise on all aspects of personal finance and banking options. Simply visit your local branch for a chat.

 

Cara Mason @FemaleFirst_UK