To consider a loan to pay for wedding.

[InTheBirdBox]

Me and DP are engaged.

We've suggested late next year for our wedding and are saving up accordingly with a view to book shortly.

Would I be unreasonable to consider just taking out a loan instead purely because I'm impatient?!

I have checked it out with my bank who have confirmed they would likely approve the request and the monthly payments are no more than what I was planning to save per month.

I know we could do it when we planned by saving but frankly, I just don't want to wait! Feel a bit childish being so impatient but I really would like to do it sooner rather than later.

TBH neither myself nor DP are particularly interested in having a honeymoon. I think we'd rather just go for a little break somewhere in the UK with the kids and the dog ha.

You have kids, no savings so no emergency fund, and you want to take out a loan to pay for a wedding?

I wouldn't.

Look at Martin Lewis money saving about credit cards. They do provide insurance when you buy things so can be worth having if you can be sensible.
I think one loan at a time is ok, and don't borrow up to your limit in case of emergency. Try to save a little contingency fund, there is always something that crops up.

I don’t see that it’s worse than spending money on a new kitchen or a car or anything else people get loans for

Cars and kitchens tend to last longer than one day.

Oh just do it... life is short and you sound very sensible!
I would use a 0% credit card though partly because by paying with a credit card you get protection from the credit card company if something paid for isn't right.

@InTheBirdBox if you just want to marry your DP why don't you just go to the registry office with two witnesses.

I got engaged in September, and after two months of research we decided we didn't have the money for the wedding we wanted/nor did we want to spend 3 years saving.

We got married on 12th December. Cost us £50 for the registry office. And £70 to give notice if our intention to get married.

@stokieginge that's great for you but some people want the big day and are happu to spend x amount of money on it.

@Lazypuppy never said they didn't...

OP said she didn't want to wait until next year to get married.

I was just giving an option that prevent getting into debt.

Thanks for your helpful contribution though

some people want the big day and are happu to spend x amount of money on it

Maybe if it was actually about the vows and marriage and less about having the big day more marriages would last.

If the OP couldn't wait to get married she would have simply done so, given she hasn't what it means is that it's the big day that's wanted. Two very different things I feel.

I wouldn't do it but 5k is absolutely loads to someone like me! If I just wanted to be married I'd just get married at the registry office.

So I work in finance and consider myself a fiscally responsible girl!

My first instinct is to scream NO DON’T do it! Mainly as I’m assuming you’re not in the best financial situation (based on it taking you almost two years to save £4000) which makes you vulnerable - you may intend to save £200 (exampke) per month but it something goes wrong (boiler- car-illness) you just wont manage to save. But it you borrow it and can’t (for any reason) make the payments things can spiral fast and the amount increase!

However, as a fellow bride to be I’ve noticed a shard increase in price between years - for example our venue/catering is £11,000 for 2019 (😒 please no one kick off about the cost) but if we did it in 2020 it would be £12,250. WAY above inflation and (when you take into account other vendors) far more than you’re likely to pay in interest on a small loan!

Your budget is smaller than mine so I don’t know if this would apply to you but it’s worth checking out! Price up your ideal date (I’m assuming this year) and compare it to your 2019!

I personally wouldn’t do it purely because you want to - despite understanding this! I would only do it because it makes financial sense AND you want to!

Also think about post wedding - Are you wanting to have kids or move home?

The only people I know who have put parts of their wedding on finance have struggled to repay it!

-that being said 100% get a credit card and pay for things on that - then pay them off- it gives you extra protection should something fall through!

Me and DH ended up taking a loan out for our wedding. We have both said we would NOT do it again if we could turn the clocks back. It’s not like a kitchen or car which is something you continue to have/use. A wedding is one day

Why not have a cheaper wedding sooner. So 2.5k

I never expected in a million years my husband to have a brain tumour and be unable to work and hence not pay our mortgage for several months. The consequences of that has been far reaching nearly 10 years on

🤔 OP- this is not the first wedding thread I’ve mentioned this on but can we please stop being so directly/indirectly negative about big weddings?

‘A big wedding is not something I’d ever be interested in even if I did have £30k’

‘Gosh, id never want a cheap function room wedding, even if I did only have £5000’

Doesn’t sound awesome the other way around does it? There’s a real stigma developing on MN that rewards the shunning and mockery of big traditional weddings - it’s like a badge of honour
‘I’d rather lick a mouldy toilet seat that spend £20k on a wedding’ - 🤔

Awesome! 😒

EVERY type of wedding is ok! You can say ‘I want to stick to a reasonable budget relative to our finances’ without making derogatory comments about big events!

MrDarcy, I've not been derogatory towards big weddings. Simply saying I wouldn't have one even if I had the money is not derogatory. It's not what I want, I've not said anyone who does is wrong or ridiculous I think you are looking to be offended by something which isn't there.

I’d rather lick a mouldy toilet seat that spend £20k on a wedding

Absolutely nothing like what I said...

I wouldn't get a loan for a wedding or spend what I don't have. If you want to spend more wait and save if you can't wait go small and just have what you can afford. You could have a small wedding with a few people and maybe a big evening party on a budget.

I wouldn't personally want to start a marriage with money issues or debts. It could cause tension or start arguments if things get tight money wise. Plus after the wedding it's nice to plan small dates or things to do and look forward to after the big day to have something to look forward to after all the excitement and hype.

Ultimately it's up to you to make the decision and what you can afford to pay back but personally I'd wait and save to have the wedding.

Congratulations and good luck with the planning

DO NOT DO IT.
Interest rates CAN and DO vary. In April 1978 when I first had a mortgage, the base rate was about 7.5%. 18 months later it was 17%. Crippling! Likewise nobody in May 1988 when the Bank of England rate was 7.5% expected 15% interest rates a year later. Currently rates have been a long time at an historic low of below 1% for 10 years. It cannot last, who knows what Brexit will bring. Far too risky.

Go and get a job working in a pub 2 nights a week. One that serves food. Save that instead. If you're bright, cheerful and friendly you can easily double or treble your wages in tips (check you get to keep your
own rather than pooled tips).
Reconsider your wedding - how can you make it smaller, cheaper. eg Secondhand dress - look on eBay, preloved. Get married mid week keeps guest numbers and costs down. Can you call in favours rather than wedding gifts (we luckily had a florist friend for example).

If you could halve the cost of the wedding and earn an extra £100/week+, you'd save it in no time.

Interest rates are going nowhere above 2% in the next 5 years

Birdbox is welcome to spend as much or as little as she likes on her wedding

I would just strongly suggest not borrowing to start wedded life.

Something grim and wrong about loans for weddings.

Bad footing to start on.

Wow mumsnet is weird. Of course it's perfectly fine it's only 5k not that much unless you earn minimum wage and have loads of outgoings already
Do it get a booked. A massive wait and run up to a wedding is depressing just do it!

Also a personal loan is a fixed rate of interest so no idea what @Ariela is on about. It's fixed for the period of time you take it over.

"I wouldn't want to start marriage with money issues"
It's not a money issue. It's a carefully calculated low rate way of borrowing to get married sooner. Mumsnet is so weird! It's like everyone is from the 1980s where you used to ask the bank manager for money at 18% interest and a wedding cost £50.

Op I've only read the first page.
It depends on loan size eg 1 grand ok.

Otherwise no. Have a wedding that matches what you can afford. Often smaller budget weddings are more memorable and special because they are more unique and quirky.