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Wanting to rent a new house & getting married... advice / tips needed
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We're not going to get a loan for the wedding , we're saving £2,500 each for it but he wants a loan for the fees of the tennant fees so he doesn't have to eat into the wedding savings.
I'm sure we can afford to save as we haven't decided when We want to move out but ideally in the next year or so. Even if I take on a weekend job ... ?
It doesn't really matter what label the loan has, the result is you have a loan for £x. How long will it take you to pay that back? The repayments will eat into your savings for a house deposit / costs of a family.
How much are the new tenancy costs for the places you're looking at? Try comparing potential houses based on the total cost in the first year, ie 12x rent + fees. Also, try private landlords who often dont' have such high fees (but do your own checks that they own the property, which is easy and only £3)0 -
1. It's financially illiterate to think that taking out a loan so you can save makes any sense whatsoever.
2. If five thousand pounds is such a significant sum it's causing this angst, wait until a finance wrecking baby arrives.
Start with a budget plan thats outlines for how you get to where you want to be which is a bigger house and cost of child and the wedding day. Decide which of those should have the least priority.(clue;two of them are for decades, one is for, literally, a day) You may need to look at income as well as expenditure, eg getting better jobs that pay more0 -
Sounds like you both need to start talking and listening to each other. It reads like he isnt willing to compromise once he has made up his mind.
How is your partner at saving? Or is he seeing a loan as a way to avoid saving because he isnt very good at it?
If your looking for a way to save for 2 things open 2 bank accounts/savers. .
For example you can get a 5% savers account linked to various bank accounts. You save £200 a month into one max for example. You could have one of these for the wedding and one for the house.
Not sure over what time span you have saved half of your 2500 but if its taking a while due to a low income/less disposable income this may give discipline to routinely save.0 -
gettingtheresometime wrote: »But the fact you have a loan whether it be for a wedding or for tenancy fees is neither here nor there, it would still count against you when it came to a mortgage.
OP is not looking to purchase a house, she is looking to rent one."You've been reading SOS when it's just your clock reading 5:05 "0 -
They want to rent bigger to save to buy was the original post0
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would never be able to fit a new born or a toddler in the current house we rent.
A house (even a one bedroomed house) where there is no room for one infant?
Why not just stay where you are, organise as simple and inexpensive a wedding as possible and just save as much as you can before a baby arrives on the scene?
You can think about moving once the infant reaches the toddling stage?0 -
Personally i wouldnt postpone the wedding like people in here are suggesting, nothing wrong with saving for a wedding and having a nice one, after all it will be one of the best days of your life, but everyone has different priorities.0
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You can't afford both the wedding and moving into a bigger home. Decide which one is more important, and do that.
Do not get a loan for the fees or the wedding, its ridiculous to put yourselves into debt to cover such expenses.
If you do wish to buy in the future, having a loan is a mark against you, irregardless of what its used for.
Start living in your means, if you don't have enough for a wedding and to move, then don't get married yet, or don't move until you've got enough. Its not that difficult to understand.0 -
I'm not sure how spending more on rent (i.e. moving to a bigger rented house which presumably will have a more expensive rent) will help OP to save money.0
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