Prospective homebuyers choosing a mortgage over marriage

6.3 million UK adults believe getting a mortgage is more important than getting married, according to new research from Direct Line Life Insurance.

Related topics:  Mortgages
Rozi Jones
16th June 2021
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"With the cost of a wedding and a deposit both extremely high, it’s no wonder so many couples have to choose between their perfect day and their dream of owning a home."

76% of Brits think buying a home is an important life goal but 64% view marriage the same way.

In the UK, around 5% of those who have been married prioritised buying a property over having a wedding, while around 3% delayed buying a property so they could have the perfect wedding day.

The cost of doing both exceeds £80,000, with the average cost of a wedding in the UK currently £32,000 and the average first-time buyers deposit standing at £48,500.

The average age to get married currently stands at 37, when the typical salary is £32,700. On this salary, couples would need to save 10% of their salary for 15 years to be able to fully fund both a wedding and a mortgage.

While at the time weddings might seem like the most important day of a couple’s life, 1.7 million adults (6%) regret spending the amount they did on their big day and admit to going over budget.

To cover the unplanned additional money, two million people (23%) had to dip into savings set aside to buy a property, while 25% had help from family members. In fact, £122 billion has been given to couples by family and friends to help with wedding costs across the UK.

Vincent Guadagnino, communications manager at Direct Line Life Insurance, commented: “Before the pandemic the cost of getting married was extremely high and our research shows that this looks set to continue, especially when large celebrations are allowed again later this year.

“With the cost of a wedding and a deposit both extremely high, it’s no wonder so many couples have to choose between their perfect day and their dream of owning a home. Both are really important milestones and we understand it must be a difficult decision to make. Whether getting married or buying a property, both involve long term commitments so it’s important to consider your protection needs to ensure you have the right cover in place should anything happen.”

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