Mortgage News
Couples sacrificing weddings for homes
An increasing number of couples are choosing to forgo their wedding in order to save for a home deposit instead, Glasgow Credit Union has found.
Its research revealed that 56% of couples would choose saving for a home over their dream wedding, as saving for both would be too costly.
Paul Mcfarlane, head of operations at Glasgow Credit Union, said: “As the economic downturn continues to bite, young couples are increasingly being forced to choose between their dream wedding and their dream home.
“The current climate means that couples have to make sacrifices, especially with demand for a minimum 10% deposit on mortgages.
Scottish couples need to save an average of £15,800 to get a foot on the property ladder.”
According to recent research by the Council of Mortgage Lenders, the average deposit required by a first-time buyer is around 15%.
Episode 6: What’s next for the industry? : Powered by Partnership podcast from Newcastle for Intermediaries
Sponsored by Newcastle for Intermediaries
Its report suggested that, with the average salary in the UK £25,900, the required 15% deposit rate would be £1,100 more than a year’s salary.
Mcfarlane added: “This shows just how difficult it can be for couples to save for a home and why they are sacrificing their wedding day to save for these huge deposits.”