First time buyers are prioritising buying a home over getting married.
A recent study shows that 75% of first time buyers prioritise getting on the property ladder over getting married. In a time where the average wedding in the UK costs £27,074 it’s no surprise that 87% of couples couldn’t afford to buy a home and get married in the same year.
We hear stories all the time from couples who come to us for advice on the mortgage market before embarking on their first property purchase. Most we meet have decided that purchasing a property together is the priority, followed by getting married and then perhaps children. They tell us that having rented for a year or more it feels like throwing money down the drain and that the money could be better used towards a mortgage. The average property in the UK needs a deposit of £22,026 which is no mean feat to save for.
Buying a house together is just as much of a commitment to each other as getting married and it’s an investment in your future. A wedding is, albeit a beautiful day celebrating your love, is thought of these days by many as just a party.
We have advised some of our first time buyer clients to take advantage of the Help To Buy Scheme that can reach a 5% deposit. However most of our clients do manage to achieve a 10% deposit typically made up from their own savings and help from their families to get on to the property ladder.
If you are thinking about buying your first home then read our article about getting mortgage ready, then contact us to have a chat about your situation so we can advise you on the best products to help you reach your goal.
Tel: 01273 736536.