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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
    • 752 Posts
    • 927 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
    • 1 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
    • 5,358 Posts
    • 7,403 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
    • 6,433 Posts
    • 13,244 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.
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, 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
    • 5,358 Posts
    • 7,403 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
    • 524 Posts
    • 580 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
    • 5,156 Posts
    • 6,926 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
    • 14,064 Posts
    • 13,327 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.

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    • NineDeuce
    • By NineDeuce 11th Dec 17, 11:40 AM
    • 825 Posts
    • 754 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.
    • Iamzee
    • By Iamzee 13th Dec 17, 12:46 PM
    • 61 Posts
    • 70 Thanks
    Iamzee
    Be practical. what's more important than that the wedding is the days and years ahead of you. Plan for the future instead of just planning for one day that won't really be a factor as you both move forward.
    • Madasa85
    • By Madasa85 30th Dec 17, 1:34 AM
    • 9 Posts
    • 1 Thanks
    Madasa85
    Just paid for a £21k wedding, only thing I owed the day after my wedding was an outrageous bar bill. Don't do it.
    • badmemory
    • By badmemory 30th Dec 17, 4:24 AM
    • 1,628 Posts
    • 2,168 Thanks
    badmemory
    Make a choice! A wedding is one day at the start of your life together & should be a beginning. A home is the start of forever. A wedding debt is a noose around your necks & a mortgage represents the future. Only you (& your OH) can make the choice.

    Too many people over the last over 30 years have seen a wedding as the end result, it isn't, it is the start
    • freeisgood
    • By freeisgood 2nd Jan 18, 1:26 PM
    • 521 Posts
    • 798 Thanks
    freeisgood
    I am guessing it is his prospective bride who wants a 20K wedding....and has left Lars wondering how to stump up the cash. Oh dear.
    • FTBuyerGlasgow
    • By FTBuyerGlasgow 2nd Jan 18, 4:50 PM
    • 27 Posts
    • 19 Thanks
    FTBuyerGlasgow
    £20k is fairly cheap for a reasonable sized wedding, we're 100+ guests day and 50 or so at night, everything including 2 week honeymoon is costing about £30k (less than half our joint annual income).

    About 80% will be saved/paid with our own money and 20% gifted by family. It's what we want and includes two week holiday so I'm not looking at it as "one day".

    That said we moved in together a few years ago and I'd never, ever recommend doing a wedding and house purchase so close together.

    Get the house, save for the wedding later (or finance it when you know your affordability). Do not get the loan before the house purchase unless your income is 6 figures.
    Started out with nothing, still got most of it left.
    • cjmillsnun
    • By cjmillsnun 3rd Jan 18, 12:35 PM
    • 600 Posts
    • 732 Thanks
    cjmillsnun
    My sister got married in a registry office with close relatives only and then had the reception in the local pub.
    • Robin9
    • By Robin9 3rd Jan 18, 12:47 PM
    • 2,551 Posts
    • 1,649 Thanks
    Robin9
    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. .
    Originally posted by Lars Olsen
    This sounds like a new build - if so take September 2018 with a huge pinch of salt as that date will slide and slide and you might have it by Christmas. You don't want that hassle alongside a wedding.
    Never pay on an estimated bill
    • steampowered
    • By steampowered 3rd Jan 18, 1:24 PM
    • 2,508 Posts
    • 2,435 Thanks
    steampowered
    Most mortgage offers are not valid for more than six months, so it sounds like the Op does not actually have a mortgage yet.

    If the Op has £20k of unsecured debt on his credit record, the lender will take that into account when assessing affordability.

    The lender may also require that the £20k is paid as a condition of the mortgage. When I took out my mortgage it was a condition that I had to pay off my 0% credit cards before the bank would lend - unsecured debt for a wedding is no different.

    Op, putting yourself in a position where you can't get a mortgage but are still legally required to complete on the new build would be a disaster. If the builder sued you for not completing, you could lose your deposit and could be made bankrupt.

    I would definitely wait until you have completed the house purchase before taking on unsecured debt.
    • cajef
    • By cajef 19th Apr 18, 4:11 PM
    • 4,744 Posts
    • 3,787 Thanks
    cajef
    I have provided a link below to our self employed mortgage page. I hope this helps.
    Originally posted by HollySenna
    reported.
    I used to have a handle on life, but it broke.
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