Getting married and taking out a mortgage are two of life’s largest commitments, and both generally require one pivotal asset – money.
A lot of people will not be able to pay for a wedding and buy a home at the same time – so what are people opting to priorities?
According to MoneySuperMarket data, 63% of Yorkshire & The Humber residents who took out a wedding loan, do not own a property.
The average wedding loan amount in Yorkshire and The Humber is £8,013 with the average house deposit £12,091.
MoneySuperMarket’s data further shows that 26 is the most popular age to take out a wedding loan.
When diving deeper into this younger age bracket, 76% of 18-30 year olds who have taken out a wedding loan do not own a property.
On average, 35% of the 22,293 people within this age bracket who have applied for a wedding loan this year, are borrowing 35% of their annual salary to pay for their big day.
Unsuprisingly cash-strapped London’s love birds take top spot for the highest wedding loan amount, averaging £10,172 borrowed, and 79.02% of those do not own their home.
With London’s increasing house prices, could this be a reason people are choosing to marry before owning a home? Seemingly so, with Londoners expected to part with 138% of their annual salary for a mortgage deposit.
The same story plays out across the country, as prospective home-owners in the UK would see themselves compromising 68% of their annual salary for a deposit on a house, compared to just 31% to pay for their wedding.
This being said, wedding loans are also on the increase. In 2016, the average cost to fund the big day was £7,946 whereas 2017 has seen this rise to £8,466.
People of the North East are least likely to take out a wedding loan, however 57% of those who do also don’t own a home – despite the average house deposit in this region being lower than the average wedding loan.