Saturday, 18 September 2021

Mortgages now higher priority than marriage

Mortgages now higher priority than marriage

YOUNG couples looking to set up home together are shunning big weddings in favour of saving up to buy a property, according to new research by the Halifax.

From a bumper guest list of family and friends to an Instagram-worthy wedding cake and bespoke venue dressing, the average cost of getting hitched can be eye-watering, with couples expecting to spend £18,000 on average.

When compared to the average house deposit of £50,000, an extravagant wedding is a huge financial commitment for couples who are also hoping to get their feet on the first rung of the property ladder.

Now nearly two-thirds of 18- to 44-year-olds (64 per cent) say owning their home is a bigger priority than getting hitched.

Of couples who are engaged, three in 10 (29 per cent) cancelled their wedding due to the pandemic, and more than three in five (62 per cent) already have or would consider reallocating their wedding budget towards a house deposit instead.

Halifax mortgages director Andrew Asaam said: “The pandemic has shifted our priorities and helped many of us to think about what matters most to us in life. We’ve seen many millennials decide to opt for smaller weddings and instead put their savings and energy towards their first home deposit instead.”

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