Marriage comes first for Brits who put wedding loans before mortgages
- Credit: Getty Images/iStockphoto
Young Britons are putting marriage ahead of home ownership, a new study has revealed.
According to MoneySuperMarket, 68 per cent of Brits taking out a wedding loan don’t own a house – suggesting that, for many, marriage is more important than a mortgage.
And millennials are following this trend more closely than any other group: 76 per cent of wedding loan applicants are 18-30-year-olds that don’t own their own home.
The data, which is based on over 125,000 wedding loan applications on the price comparison website, shows that the average couple is borrowing £8,312 towards their big day – a drop in the ocean compared to the average price of a house.
In the East of England, which includes Hertfordshire, 64 per cent of wedding loans have been taken out by non-homeowners. The average wedding loan in this part of the country comes in at £9,201 compared to an average house deposit of £45,631.
Sally Francis, money expert at MoneySuperMarket, said: “Both mortgages and wedding loans come with responsibility and commitment but it’s interesting to see that a significant number of us, particularly millennials, are prioritising marriage over buying a home because in reality doing both is often unaffordable.
Sally added: “Although stamp duty has recently been removed for first time buyers, which certainly helps, there’s a lot of speculation that mortgage rates will not be getting any cheaper.
“With staggering house prices showing no signs of going down and wedding loans also on the rise, it’s more important than ever to shop around and find the best quote when taking out a loan of any kind.”