According to Money Super Market, 68 per cent of Brits captivating out a wedding loan donât own a house â suggesting that, for many, marriage is more important than a loan.
EscoAnd millennials are following this trend more closely than any other group: 76 per cent of wedding loan applicants are 18-30-year-olds that donât own their own home.The data, which is based on over 125,000 wedding loan applications on the price comparison website, shows that the average couple is borrowing ÂŁ8,312 towards their big day â a drop in the ocean compared to the average price of a house.In the East of England, which includes Hertfordshire, 64 per cent of wedding loans have been taken out by non-homeowners.
The average wedding loan in this part of the country comes in at ÂŁ9,201 compared to an average house deposit of ÂŁ45,631.
Visit hereSally Francis, money expert at Money Supermarket, said: âBoth mortgages and wedding loans come with responsibility and commitment but itâs interesting to see that a significant number of us, particularly millennial, are prioritizing marriage over buying a home because in reality doing both is often unaffordable.Sally added: âAlthough stamp duty has recently been removed for first time buyers, which certainly helps, thereâs a lot of speculation that mortgage rates will not be getting any cheaper.âWith staggering house prices showing no signs of going down and wedding loans also on the rise, itâs more important than ever to shop around and find the best quote when taking out a loan of any kind.â