To apply now, or soon?

MEM62

iolanthe07 wrote: »

The OP didn't come here asking whether it was a good idea to spend almost 20 grand on a wedding, (s)he came for advice about a loan.

Fair point.

However, the advice offered is still valid. Often we make life plans and want advice on a particular subject when what is needed is to look at that decision from a completely different angle.

It would appear from the original post that the OP has no assets, do not own their own home, have no savings to cover their wedding (Unless, of course the actual cost is even higher than £20K) and are proposing to start married life with a £20k debt to mark one day in their lives.

Quite frankly, words fail me. The OP will vey quickly live to regret that decision once the wedding is over and all they have to show for their £20K is a photo album.

The advice offered, if heeded, may well prevent the OP from posting again in future under such heading as 'Want to start a family but cannot afford it due to wedding loan', 'Cannot afford to buy a house because of wedding loan' or even worse 'Lost job and cannot afford wedding loan repayments'.

Just because the advice was not what the OP asked for does not mean that it is not good advice.

GMac14

We spent circa £5k, mabye £6k on our wedding back in 2016, we are still renting and still trying to save up £10 for a deposit on a house, that wedding money sure would come in useful now, but no regrets as its not a massive amount, we didnt get a loan for it, it was enough to have a great venue, a good do and enough of a guest list to make sure the people we wanted there came and joined in to make the day special.

I have spoken with lots of people over the years who have had huge weddings and spent £20k and above on weddings, approx 50% of those spending over £20k say they wish they had spent less, 45% lie and say they were happy with how much they spent and 5% were so vain that they were proud of their budget/wedding spend.

Call me a cynic if you will, but 42% of marriages in the UK end in divorce. Would you gamble £20k on odds of 58%/42%?

DCFC79

I'd tell you the same I would tell any other poster or someone I knew mentioned they were wanting to spend close to £20k on a wedding.

Don't do it, it CAN be done cheaper. It's 1 day and you could end up regretting it.

A deposit would be more worthwhile.

stevenhp1987

£19,500 on a wedding?!

That money would be better saved up and spent on a mortgage deposit!

A wedding is just a big party, you can do it for a lot less (easily under £2k for everything, some people get it for the basic ~ £300 - or whatever your local registry charges).

In terms of any application, you enter your current outgoings and if there is an option "do you expect this to change" enter yes.

If you (lie) enter 0 and they find out that you are currently paying rent for a few months, you could end up with CIFAS markers for first party fraud.