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  • FIRST POST
    • Lars Olsen
    • By Lars Olsen 4th Dec 17, 1:30 PM
    • 2Posts
    • 0Thanks
    Lars Olsen
    Wedding Loan
    • #1
    • 4th Dec 17, 1:30 PM
    Wedding Loan 4th Dec 17 at 1:30 PM
    Hi everyone

    Me and partner are thinking of buying a house together, the house will be available on the market beginning of 2018 and available in September 2018. Now we are want to get married in October 2018, the problem is that I need 20k for the wedding and not sure how to get this as I'm a contractor (self employed) and waiting to apply for a mortgage. Should I apply for a loan after sorting out the mortgage ? or can I get a loan with the mortgage ?. I really need some advice on this.
Page 2
    • Lars Olsen
    • By Lars Olsen 7th Dec 17, 8:35 AM
    • 2 Posts
    • 0 Thanks
    Lars Olsen
    Thanks everyone, I really appreciate the advice
    • dresdendave
    • By dresdendave 7th Dec 17, 5:07 PM
    • 670 Posts
    • 789 Thanks
    dresdendave
    Thanks everyone, I really appreciate the advice
    Originally posted by Lars Olsen
    But will you be acting on the advice...? In respect of the approximately £19k overspend on the wedding?
    • Tyrene491
    • By Tyrene491 7th Dec 17, 10:01 PM
    • 1 Posts
    • 0 Thanks
    Tyrene491
    Can I ask what you possibly want to spend that much money on for a wedding??? I understand you want a magical day etc, but when you're struggling to buy a house, you do NOT need 20K for one day.
    • ViolaLass
    • By ViolaLass 7th Dec 17, 10:33 PM
    • 5,143 Posts
    • 7,141 Thanks
    ViolaLass
    But will you be acting on the advice...? In respect of the approximately £19k overspend on the wedding?
    Originally posted by dresdendave
    I'm not sure it's any of our business, particularly since no one answered the OP's questions.
    • enthusiasticsaver
    • By enthusiasticsaver 8th Dec 17, 1:57 PM
    • 4,834 Posts
    • 9,129 Thanks
    enthusiasticsaver
    I'm not sure it's any of our business, particularly since no one answered the OP's questions.
    Originally posted by ViolaLass
    The question was answered. Most respondents said don't get a loan at all for a wedding.
    2 weeks to go until early retirement in December . Debt free and mortgage free.

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • ViolaLass
    • By ViolaLass 8th Dec 17, 2:19 PM
    • 5,143 Posts
    • 7,141 Thanks
    ViolaLass
    The question was answered. Most respondents said don't get a loan at all for a wedding.
    Originally posted by enthusiasticsaver
    That's what several people thought the OP needed to hear but it wasn't the original question.
    • pjcox2005
    • By pjcox2005 8th Dec 17, 2:26 PM
    • 480 Posts
    • 528 Thanks
    pjcox2005
    I understand the sentiment but I agree it's not been properly answered. People can spend their money or their debt how they want, even if it's not your own idea as best practice.


    If you can all put your hand up to say you don't waste money (a nicer car when a basic model would do, an extra bedroom in the house when a guest could stay in B&B etc, a holiday with extras which you don't actually need) then fair enough but I think they'll be very few people who can.


    If your planning to marry a month after the mortgage then I doubt there will be time to get a loan afterwards, plus many wedding suppliers will expect some payments in advance.


    As such, you'd need to get a loan, or maybe better a long term interest free credit card (0% and offers some protection on purchases) which you can use for the wedding, but it will be taken into account on the mortgage so if you're tight on a mortgage deposit/affordability criteria then I'd think carefully about priorities as you're unlikely to be able to achieve both.


    I'd also make sure any debt taken out can be easily covered, not minimum payments but a clear plan to pay it back within a short time period. You don't mention earnings so we have no idea if £20k is sensible or not so you'll have to decide.


    Basically you need to decide if that really is what you want or whether you'd prefer money in other areas. Also remember the more you spend the more you're likely to need to work.
    • spadoosh
    • By spadoosh 8th Dec 17, 2:55 PM
    • 4,669 Posts
    • 6,122 Thanks
    spadoosh
    There more than 10 unique posters who replied in this thread. Im going to go out on a limb here and assume that at least one of you has or has had car finance at some point in their life?

    Without knowing all the details a £20k loan is likely to effect your affordability which could make it more difficult/impossible for you to get a mortgage. You can have loans and mortgages but doing it all within a year is likely to raise questions. If your finances face upt o the scrutiny there shouldnt be much issue having both.

    Probably worth getting your priorities straight in your head and trying to find the best fit for you. Eg if your elooking at getting the maximum mortgage someone will allow you then you need to be accepting the fact its a house or a £20k wedding. If there some wiggle room you might be able to do both but cut back a bit on either or each. If its fully affordable you can decide to go as far as you want with it.
    Don't be angry!
    • sourcrates
    • By sourcrates 8th Dec 17, 11:46 PM
    • 12,670 Posts
    • 12,001 Thanks
    sourcrates
    Hi everyone

    Me and partner are thinking of buying a house together, the house will be available on the market beginning of 2018 and available in September 2018. Now we are want to get married in October 2018, the problem is that I need 20k for the wedding and not sure how to get this as I'm a contractor (self employed) and waiting to apply for a mortgage. Should I apply for a loan after sorting out the mortgage ? or can I get a loan with the mortgage ?. I really need some advice on this.
    Originally posted by Lars Olsen
    Donít get the loan, marry your girl by all means, but why a 20k wedding ?

    Have a cheaper wedding (mine cost £600 all in) you will only regret spending all that money when you find you canít get a mortgage because they deem it unaffordable.

    Info here :

    http://www.totallymoney.com/guides/self-employed-mortgages/
    I'm a Board Guide on the Debt-Free Wannabe, Credit File And Ratings, and
    Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to forumteam@moneysavingexpert.com. Any views are mine and not the official line of MoneySavingExpert.com.

    For free debt advice, contact either : Stepchange, National Debtline, or, CAB.
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    • NineDeuce
    • By NineDeuce 11th Dec 17, 11:40 AM
    • 526 Posts
    • 468 Thanks
    NineDeuce
    Hi everyone

    Me and partner are thinking of buying a house together, the house will be available on the market beginning of 2018 and available in September 2018. Now we are want to get married in October 2018, the problem is that I need 20k for the wedding and not sure how to get this as I'm a contractor (self employed) and waiting to apply for a mortgage. Should I apply for a loan after sorting out the mortgage ? or can I get a loan with the mortgage ?. I really need some advice on this.
    Originally posted by Lars Olsen
    You dont need £20k for the wedding. Weddings can be done a lot cheaper....
    • ndf9876
    • By ndf9876 12th Dec 17, 5:13 PM
    • 103 Posts
    • 43 Thanks
    ndf9876
    If you were dead set on this course of action, then I would suggest applying for the loan once the keys to your new property were jingling in your hands. Applying beforehand may damage your chance of a mortgage.

    That said, I strongly agree with the sentiment of the other replies, that forking out £20k on a wedding, that you have to BORROW for, when you're buying a property, is quite frankly bonkers.
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