According to our recent survey, couples are now far more likely to say ‘I do’ to a mortgage than a marriage with 81% of the respondents agreeing that getting a mortgage is a bigger commitment than marriage.
The poll of 2,000 Brits found that being named on a house with someone carries more of a financial obligation than a wedding ring and that a house is a better investment over a wedding.
Dev Malle, Chief Business Development Officer at My Home Move Conveyancing, said: “Getting a mortgage with your partner is a big life decision, so it’s interesting to see how many Brits are favouring it over getting down on one knee.
“Our research shows that getting on the property ladder has become a bigger priority for younger people who are thinking ahead and investing more in their future; yet the process may still seem a bit daunting.
“Whichever route you decide to take, having the right legal support is a crucial factor, which is where our knowledge of the industry, insight and expert advice comes into play.”
Getting your first mortgage together is a key step in any relationship and an exciting milestone for couples as they prepare for their future home together. However, it is a big step and a big financial commitment
51% of respondents believe the contract of mortgage paperwork is more of a tie than a legally binding marriage certificate, which is hardly surprising when you start to look into the amount of legal work involved in house purchases.
If you’re thinking of saying ‘I do’ to a mortgage but want to understand more about the process we have lots of useful information on our site. From our first-time buyer guide, ways to help you save for a deposit to more information on the process such as surveys and searches.
Although just 1% of respondents would be willing to spend £20,000 or more on their big day, budding homeowners believe a figure almost four times as high – £18,037 – is a reasonable amount to put down for a house deposit.
With such high figures it’s important to understand the fees you can expect to pay throughout the process. Our conveyancing fees article helps explain what you can expect to pay during the process, helping you to know what to expect and budget accordingly. Alternatively, if you’d like a personalised conveyancing quote, you can use our online conveyancing calculator.
Dev Malle, added: “Getting your first mortgage together is a key step in any relationship as it is a significant commitment – as well as hopefully being a sensible investment for the future it’s an exciting milestone for couples as they prepare for their new home together.”