Couples prefer a mortgage to marriage
Posted in General Wedding Articles on July 22, 2015
The growing trend is for couples to invest in property and take out a mortgage prior to either civil partnership or marriage.
The mutual financial investment is seen as a more serious engagement than marriage itself, for some. In fact, Post Office Mortgages reported in a survey that 30% of respondents believed purchasing a house would lift the feelings of the need to get married.
A change in attitudes between the generations also arose in the survey. Those over 55 showed a trend of 66% in favour of the importance of marriage over purchasing property. This contrasted to the 50% figure for those under 34.
Less than 20% take the traditional road of waiting until after marriage to think about buying.
Mike Cook, Head of Mortgages for Post Office Mortgages, said, "Buying property is a huge investment, whether with a friend or a partner. Since it is increasingly difficult to get onto the property ownership ladder, many buy houses before marriage due to pure necessity.
Many applications today are joint apps, together with family members or friends. People are just trying to get some kind of investment in property and get started. Since there can be a max of four people on a mortgage, it is feasible to gather a few friends together to buy the first home.
The most important issue is selecting the correct mortgage at the start, regardless of who you're teaming up with. This in itself may help things go far easier for the first-time buyer.