Wedding Loan

dresdendave

Lars_Olsen wrote: »

Thanks everyone, I really appreciate the advice

But will you be acting on the advice...? In respect of the approximately £19k overspend on the wedding?

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

dresdendave wrote: »

But will you be acting on the advice...? In respect of the approximately £19k overspend on the wedding?

I'm not sure it's any of our business, particularly since no one answered the OP's questions.

enthusiasticsaver

ViolaLass wrote: »

I'm not sure it's any of our business, particularly since no one answered the OP's questions.

The question was answered. Most respondents said don't get a loan at all for a wedding.

ViolaLass

enthusiasticsaver wrote: »

The question was answered. Most respondents said don't get a loan at all for a wedding.

That's what several people thought the OP needed to hear but it wasn't the original question.

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

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.

sourcrates

Lars_Olsen wrote: »

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.

Don’t 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 can’t get a mortgage because they deem it unaffordable.

Info here :

http://www.totallymoney.com/guides/self-employed-mortgages/

NineDeuce

Lars_Olsen wrote: »

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.

You dont need £20k for the wedding. Weddings can be done a lot cheaper....

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.