Santander and the Wedding

leenukes

Hello guys,

I've got a few questions but they're mainly about banks so I thought I'd put it here. Please humour me.

OK, here is the jist of it. I'm getting married next year, around July/August time. Just working out rough numbers of cost its looking in excess of £10k. Ouch.

In addition, I've been quite annoyed with the recent announcement of Lloyds TSB who will be charging £5 for an arranged over draft per month.

I have an existing £8000 loan with TSB which has about £3800 left to pay on it at 7.9% APR or there abouts. I also have about £900 left to pay of a £1400 loan which is about 22.9% APR with TSB also.

My mortgage is currently with Santander, switched only last year to a 3 year fixed (maybe 4 year, not sure).

I was thinking of moving my bank account to Santander away from TSB who I've been with all my life and seeing if they will lend me money based on their additonal lending option which works out at 5.5%.

Pay off both my loans with TSB and put a considerable contribution towards the wedding too.

There is still equity in my home, only about £18k but money is money.

Just after advice and suggestions really, I've seen a lot of bad reports about Santander, just hoping that they might be fixing the things that have gone wrong.

I have also looked at First Direct but without having my mortgage with them, I assume they'll be less willing to lend me monies.


Sorry for the long thread. Thanks if you read it all.

missile

Your priority should be to pay off those loans. Do you really NEED to spend £10,000 on a wedding?

blueberrypie

You are already in debt (some of which is at 23%!) and you are planning on getting into more debt for your wedding. This is not good financial planning.

By the way, the equity in your home is *not* money. It is meaningless until you actually sell your home. Or until you borrow more money (i.e. get into more debt) using the equity - again, not good financial planning.

I know you posted here hoping that someone would tell you where you would be able to acquire more debt, but you really would be better going over to the Debt-Free Wannabe board and posting a Statement of Affairs, which would be the first step towards getting out of debt. *That* is the best way to start a marriage.

leenukes

Ha, I see debt free is the course here

Basically the wedding WILL be happening, also once we're living together then the expense of her flat etc will go away, so thats an additional £500+ a month to go towards paying off the debts.

What I was basically after was, what makes the most sense. I might just rock up into Santander on Saturday and see what they say.

Fiddlestick

leenukes wrote: »

Basically the wedding WILL be happening, also once we're living together then the expense of her flat etc will go away, so thats an additional £500+ a month to go towards paying off the debts.

Does it HAVE to cost ten thousand pounds though?

shellsuit

Please don't get into debt for your wedding!

I can't think of any worse way to start married life.

The plannings over, the day is over and you're left with happy memories but a whacking great debt still to pay!

Our wedding is coming to just under 5K, we're not going without anything and we haven't gone into debt for it.

leenukes

Well, we haven't priced it all up yet but the venues we've looked at appear to be about £4k to £5k. Looking at about 60-80 people for the breakfast and about 100-120 for the evening reception.

The other pricey thing is the hooneymoon, looking at about £1000 each for two weeks. This is due to us having to go away during the school holidays. Fiance is a teacher you see.

shellsuit

leenukes wrote: »

Well, we haven't priced it all up yet but the venues we've looked at appear to be about £4k to £5k. Looking at about 60-80 people for the breakfast and about 100-120 for the evening reception.

The other pricey thing is the hooneymoon, looking at about £1000 each for two weeks. This is due to us having to go away during the school holidays. Fiance is a teacher you see.

Do you have to go away for a fortnight? What's wrong with a week?

Is there any people you can knock off those guest lists, or move them from the day to the evening?

Is there any other cheaper venues you could hold it at?

Do you really need a traditional sit down 3 course wedding breakfast?

steve1980

I am getting married in December, I can give you a spreadsheet for the wedding if you would like it.

shellsuit

steve1980 wrote: »

I am getting married in December, I can give you a spreadsheet for the wedding if you would like it.

This December, but nothing is booked yet?

Were you being sarcastic about the spreadsheet, because I don't understand what you mean?

leenukes

A spreadsheet would be good. I've been creating one in Google Docs from the templates and working with their percentages.

Here is the rundown, but its really rough, we've not sat down and worked out numbers yet, only got engaged last Monday

Clothing           720.00    6.00%
Flowers            480.00    4.00%
Photography     810.00    6.75%
Stationary        180.00    1.50%
Rings               240.00    2.00%
Misc                480.00    4.00%
Ceremony         360.00    3.00%
Rehearsal dinner    0.00    0.00%
Honeymoon       3,000.00    25.00%
Reception         3,240.00    27.00%
Favors & Gifts    210.00    1.75%

Sum                  £9,720    81%