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  • FIRST POST
    • april_hunt
    • By april_hunt 6th Aug 18, 8:26 AM
    • 2Posts
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    april_hunt
    Wedding and saving for a mortgage
    • #1
    • 6th Aug 18, 8:26 AM
    Wedding and saving for a mortgage 6th Aug 18 at 8:26 AM
    Morning all

    Need some advice, myself and my partner are currently saving we are getting married next June and are in the meantime house hunting too - I know we have our work cut out for us.

    I'm just struggling with the options we have available as it seems the only thing we can do is rent. I know alot of people who don't have as much savings as us and are able to afford a mortgage. We've looked into the help to buy scheme and have had no luck as the rent and mortgage would be the same price and they are after quite a big deposit

    Hope people can help and thank you in advance
Page 1
    • AdrianC
    • By AdrianC 6th Aug 18, 8:29 AM
    • 18,734 Posts
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    AdrianC
    • #2
    • 6th Aug 18, 8:29 AM
    • #2
    • 6th Aug 18, 8:29 AM
    Quite simply, you will not be able to get a mortgage for more than 95% of the purchase price - you need to have saved up the other 5% plus the various fees. Any mortgage over 90% will be a higher interest rate, and they will be a lot pickier about who to lend it to, so the more you have saved, the better.


    Yes, there used to be 100%+ mortgages. I don't know if you remember 2007/8...



    That apart, I'm not quite sure what your actual question is.
    • AnotherJoe
    • By AnotherJoe 6th Aug 18, 8:31 AM
    • 11,035 Posts
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    AnotherJoe
    • #3
    • 6th Aug 18, 8:31 AM
    • #3
    • 6th Aug 18, 8:31 AM
    How much are you spending on your wedding ?
    How much would the deposit for a house be ?

    P.s. yes and like Adrian, I also am unclear what your question is.
    • sal_III
    • By sal_III 6th Aug 18, 8:39 AM
    • 651 Posts
    • 663 Thanks
    sal_III
    • #4
    • 6th Aug 18, 8:39 AM
    • #4
    • 6th Aug 18, 8:39 AM
    HTB equity loan only requires 5% deposit, so not sure what you mean by "quite a big deposit"

    If you don't have even a 5% deposit saved, why do you even bother house hunt? Or did you include hunting for rented accommodations in that?
    • need an answer
    • By need an answer 6th Aug 18, 8:58 AM
    • 957 Posts
    • 1,167 Thanks
    need an answer
    • #5
    • 6th Aug 18, 8:58 AM
    • #5
    • 6th Aug 18, 8:58 AM
    OP.

    I too am a little unclear about the question although it would seem you have the potential of 2 large expenses on the horizon and minimal savings.

    Its a case of priority really for you, save for the wedding or save for the deposit on a property.

    You probably want to have the day of your dreams and the property that ticks all the boxes so my advice would be to pick one and concentrate on saving for it.

    Lots of posters on money saving boards will tell you that you don't need to spend a fortune on a lavish wedding and its true but I also recognise that it is a significant day for a couple so the advice I always give in respect of something that could cost a few hundred pounds or indeed many many thousands of pounds dependant on the route you take is plan hard and haggle or think slightly outside the box when deciding what you spend.


    Some of the nicest weddings ive been to are the ones where the homemade touches really outshine the corporate money spinning of the words wedding planning!


    If its savings advice you want then there are boards on the site that can encourage and give tips and if you want to join other like minded brides and share tips there is also a wedding board you could post on.

    Have you sat down and done an income and expenditure type comparison to show you what comes in and what you spend it on?

    Often just a few small changes can produce good results and once you have started to save it becomes easier once you adopt a budget and you can start to see the savings grow.
    Last edited by need an answer; 06-08-2018 at 9:01 AM.
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    • Caraway90
    • By Caraway90 6th Aug 18, 9:13 AM
    • 45 Posts
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    Caraway90
    • #6
    • 6th Aug 18, 9:13 AM
    • #6
    • 6th Aug 18, 9:13 AM
    A wedding is only one day and a house is (hopefully) for life

    The people you know who don't have as much savings but are able to afford a mortgage must have done it one way or another?! Maybe they were fortunate enough to have help from family? An inheritance? There is no magical way to get a mortgage if you don't have the funds (or no one to help you raise those funds).

    If you are serious about saving to buy a house you have to make compromises.
    FTB 2017
    • april_hunt
    • By april_hunt 6th Aug 18, 9:33 AM
    • 2 Posts
    • 0 Thanks
    april_hunt
    • #7
    • 6th Aug 18, 9:33 AM
    • #7
    • 6th Aug 18, 9:33 AM
    Sorry If my question was unclear! Just wanted to know other peoples opinions and advice on what they know or have done themselves.
    I appreciate the feedback so far - everything seems to be happening at once just one of those things.
    I've done an income and expenditure and put every little of money i have in the savings.

    I will definitely check out the other boards on this site for tips - thanks for your help!
    • TBagpuss
    • By TBagpuss 6th Aug 18, 9:57 AM
    • 6,851 Posts
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    TBagpuss
    • #8
    • 6th Aug 18, 9:57 AM
    • #8
    • 6th Aug 18, 9:57 AM
    As others have said, with a mortgage you have to be able to provide a deposit and also show you can afford the repayments. from your comments about other people earning a similar amount, it sounds as though your issue is that you haven't saved a large enough deposit yet.

    I'd suggest that you and your fiance sit down and discuss what you want to prioritise - getting married next year, and having to wait longer before you can afford to buy a house, or whether you want to consider using your savings towards a deposit, even if that means waiting longer before you get married, or scaling back what kind of wedding you chose to have so you can get married when you originally planned but channel more of your savings towards a deposit.

    Have you spoken to an independent mortgage adviser to get some real figures about how much you may be able to borrow, based on your incomes, and what size deposit you realistically need?

    In terms of savings, looking at a budget so you know exactly where you money is currently going will be helpful. As 'need a answer' says, small changes can quickly add up to fairly significant savings, if you are disciplined.
    • hazyjo
    • By hazyjo 6th Aug 18, 10:38 AM
    • 10,998 Posts
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    hazyjo
    • #9
    • 6th Aug 18, 10:38 AM
    • #9
    • 6th Aug 18, 10:38 AM
    Don't spend loads on a wedding. Common sense really... there is absolutely no need. Would that free up enough for a deposit? There are loads of venue options and tbh they totally all blend into one when they're in hotels with posh rooms, pricey bars, etc. The best weddings I've been to are where people feel comfortable - have a barn dance in a hall, provide alcohol or bring yer own, and hire a DJ. Although you've prob got it all sorted by now...
    2018 wins: Single Malt Whisky; theatre tickets; festival tickets; year of gin(!); shoes
    • pumpkin89
    • By pumpkin89 6th Aug 18, 10:56 AM
    • 185 Posts
    • 349 Thanks
    pumpkin89
    We were in the same boat a couple of years ago - ended up getting married last February and completing on the house last April.

    What we did, which has worked well, was to focus the existing savings on the house deposit, and put the wedding costs on an interest-free credit card, which we're about to pay off in full. There are plenty available with around 2 years' interest-free credit, which should give enough time to save up to pay it off (my personal view is that, if you are spending more than 2 years' savings on the wedding, you're probably overdoing it).

    Obviously this depends on how much you want to spend, your income, any existing debts etc. If you want to provide more details, I'm sure people will try to provide more focused feedback.
    • AnotherJoe
    • By AnotherJoe 6th Aug 18, 11:04 AM
    • 11,035 Posts
    • 12,713 Thanks
    AnotherJoe
    Two Birds, One Stone;
    Save for house deposit, get mortgage, buy house, wedding ceremony in register office, reception in your garden in a marquee.
    • Robin9
    • By Robin9 6th Aug 18, 11:07 AM
    • 3,173 Posts
    • 2,093 Thanks
    Robin9
    What savings have you and how much are you saving a month ?

    Are you looking to but a newbuild? If so beaware that whatever date the builder gives you will change and probably more than once.
    Never pay on an estimated bill
    • AdrianC
    • By AdrianC 6th Aug 18, 11:23 AM
    • 18,734 Posts
    • 17,097 Thanks
    AdrianC
    Sorry If my question was unclear! Just wanted to know other peoples opinions and advice on what they know or have done themselves.
    Originally posted by april_hunt
    There's always option B.


    We've been together 22 years, and aren't married...
    • pumpkin89
    • By pumpkin89 6th Aug 18, 11:26 AM
    • 185 Posts
    • 349 Thanks
    pumpkin89
    There's always option B.

    We've been together 22 years, and aren't married...
    Fair enough, but it only costs about 50 to get married. It's the wedding (i.e. celebration/party) that can be expensive.
    • need an answer
    • By need an answer 6th Aug 18, 11:32 AM
    • 957 Posts
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    need an answer
    Fair enough, but it only costs about 50 to get married. It's the wedding (i.e. celebration/party) that can be expensive.
    Originally posted by pumpkin89
    I think its a little more than that,possibly around the 200 mark for something very basic once fees are also paid,but yes that's the principle,its how you dress it all up that costs the money!
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    • SG27
    • By SG27 6th Aug 18, 12:30 PM
    • 2,499 Posts
    • 1,754 Thanks
    SG27
    We did the 2 together. Saved for a house deposit and had a wedding. The wedding was actually 6 months after we moved in. The wedding cost total around 6500 including honeymoon. We got married at our new local church, the reception was in our new local village hall and honeymoon was a weeks UK holiday. We had 130 day guests and an extra 50 evening guests.

    You can do it much cheaper if you cut the guest list down too. Catering was our biggest expense.
    • AdrianC
    • By AdrianC 6th Aug 18, 12:46 PM
    • 18,734 Posts
    • 17,097 Thanks
    AdrianC
    Increasing your mortgage by 6,500 means an increase in the total repayable over 25 years of over 10,000 (at 4% interest).
    • AdrianC
    • By AdrianC 6th Aug 18, 1:07 PM
    • 18,734 Posts
    • 17,097 Thanks
    AdrianC
    Let me put it another way - every pound that's spent on the wedding instead of going into the house put, so is put on the mortgage instead, actually ends up costing 1.54.

    And that's assuming that the LtV doesn't go into a higher interest rate.

    <edit: A reply's been removed suggesting an extra 10k wasn't that much.>
    • lookstraightahead
    • By lookstraightahead 6th Aug 18, 2:59 PM
    • 476 Posts
    • 447 Thanks
    lookstraightahead
    First marriage 12000 (1994). Very stressful

    Second marriage 2500 (2010). Absolutely perfect.

    I do mean the wedding and the marriage lol
    • lincroft1710
    • By lincroft1710 6th Aug 18, 3:09 PM
    • 11,117 Posts
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    lincroft1710
    There's always option B.


    We've been together 22 years, and aren't married...
    Originally posted by AdrianC
    We're the same, may be 23 yrs as can remember when first started going out but can't remember the year first started living together
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