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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To take from house deposit savings to pay for honeymoon

50 replies

higreen · 29/04/2023 11:30

We are renters but fortunate enough that the rent is on the cheaper side. It is fixed for 24 months but will then be raised , therefore we are at the early stages of trying to buy somewhere so we don’t continue to part with money to the landlord that we will never see again. We have a kind offer of support in getting onto the ladder , as parents want to contribute to the deposit.

We are not having a lavish wedding … just a small registry office ceremony. Simple and makes sense to us. Since we’ll be marrying at a low cost , we would both love a lovely honeymoon, we’ve been through a loss at the beginning of the year and just not had the best of times.

AIBU to dip into savings for this ?? I know lenders and solicitors will want to see proof of saving, and I guess it doesn’t look great if we have transferred £2-3k back over just for a holiday !

On the other hand , when we have got a mortgage we will have at least £400 less disposable income than we do now renting so probably would not be able to afford a holiday like this in the near future again until our earnings improve and rates come down

OP posts:
FoolsOld · 29/04/2023 11:32

Lenders only go back three months so unless you're planning on buying somewhere before July, you should be fine. How much do you have in savings and what impact will this have on your being able to move?

Isitoknow · 29/04/2023 11:33

How quickly can your replace it and are you will to wait that much longer for your own home?

Itsanotherhreatday · 29/04/2023 11:35

The look at your general out goings last 3 months and your total in savings.

I’d would have the holiday! You have time to put it back. I’ve seen luxury AI for £800 each so doesn’t have to be mega.

Doingmybest12 · 29/04/2023 11:36

You mentioned money from parents but haven't linked this to the decision about if you should use savings for a holiday. Is this an issue or is it a by the way comment you've made. If you can save again the required amount in the time frame what is the problem unless you are saying parents gave £ for a deposit and we want to spend it on a holiday which they may have a view about.

Ifailed · 29/04/2023 11:38

A holiday will last a week or so, your own house can last a life-time.

Newyeardietstartstomorrow · 29/04/2023 11:41

I wouldn’t take money out of a deposit fund to pay for a holiday.

Ponoka7 · 29/04/2023 11:41

What time of year are you going? You can get good deals all inclusive for £800pp, if you shop around. You need £2k maximum. You should be able to put money towards it, rather than savings. It depends on how tight your house prices vs mortgage offers are.

TheSnowyOwl · 29/04/2023 11:41

£2-3k is really relative on what the total savings are, the price of what you are looking to buy, when buying, amount in savings already, your salaries etc. It’s a fairly normal holiday cost to many but from your OP, I get the impression it’s a lot of money to you which makes me think it’s probably going to show as a bit of a dent.

I’m not going to advise either way but I will say to think about whether you can compromise on any parts of the honeymoon to bring the price down and what impact it will actually have in terms of purchasing. I wouldn’t want to spend so much on a fortnight that I was living somewhere that wouldn’t have been my realistic alternative for many years.

QueenCamilla · 29/04/2023 11:42

How close are you to buying?
It is possible to lose out on a house by 2-3k...
But you won't feel it that way if there's time still.

Survey99 · 29/04/2023 11:51

This is one of those crystal ball moments. You dont know if that extra £3k might make all the difference to you being able to secure your dream home or if it will be inconsequential.

You need to decide if a 1 week holiday and the memories are more important to you than the potential difference £3k would make to your buying power. Most of us were the same at your stage of life, we couldnt have it all. You need to decide where your priority lies.

For the record I would have kept the deposit until I bought. If it turned out you didnt need the £3k, use it for a holiday then.

Floralnomad · 29/04/2023 11:54

How long would it take to put it back into savings , personally I would rather have the security of owning my own home than a holiday .

Original poster
higreen · 29/04/2023 12:25

QueenCamilla · 29/04/2023 11:42

How close are you to buying?
It is possible to lose out on a house by 2-3k...
But you won't feel it that way if there's time still.

Could either view and buy now or wait really. Our savings + parents contribution covers deposit and legal fees , if we had the holiday we’d lose the money earmarked for legal fees or the last bit of the deposit basically

OP posts:
Original poster
higreen · 29/04/2023 12:37

Floralnomad · 29/04/2023 11:54

How long would it take to put it back into savings , personally I would rather have the security of owning my own home than a holiday .

Thank you, good point. Would probably realistically take 4-6 months

OP posts:
Jonniecomelately · 29/04/2023 12:40

Well interest rates are probably going too come down later I the year so I would probably wait anyway.

Original poster
higreen · 29/04/2023 12:40

Jonniecomelately · 29/04/2023 12:40

Well interest rates are probably going too come down later I the year so I would probably wait anyway.

Oh are they, I didn’t know this !

OP posts:
OhmygodDont · 29/04/2023 12:42

I’d do a little honeymoon and then once I’ve got the house do a grand honeymoon Inc Eid saved back up. Double celebration of sorts then too.

Jonniecomelately · 29/04/2023 12:46

It's not guaranteed but just my opinion. They are raising interest rates to bring down inflation. Inflation is predicted to fall loads towards the end of the year. Rates are unlikely to drop loads though - they'll probably only reduce a little bit.

Also house prices could fall further.

I don't have a crystal ball, just reckon you don't need to rush to buy ATM.

Original poster
higreen · 29/04/2023 12:59

Jonniecomelately · 29/04/2023 12:46

It's not guaranteed but just my opinion. They are raising interest rates to bring down inflation. Inflation is predicted to fall loads towards the end of the year. Rates are unlikely to drop loads though - they'll probably only reduce a little bit.

Also house prices could fall further.

I don't have a crystal ball, just reckon you don't need to rush to buy ATM.

Thank you , going to do more research , I hope you are right! I did hear that inflation will fall but did not understand the effect that could have on rates

OP posts:
AttentionToDetal · 29/04/2023 13:12

If I could make it work I would. You're not exactly planning on blowing it all on a holiday.

I have precious memories of my honeymoon, just relaxing and spending time together as newlyweds in the 'just married' bubble. That was 10 years ago now and there's been plenty of time spent doing the more sensible option since then!

mintbiscuit · 29/04/2023 13:14

No way would I take any house deposit to pay for a holiday.

Original poster
higreen · 29/04/2023 13:16

AttentionToDetal · 29/04/2023 13:12

If I could make it work I would. You're not exactly planning on blowing it all on a holiday.

I have precious memories of my honeymoon, just relaxing and spending time together as newlyweds in the 'just married' bubble. That was 10 years ago now and there's been plenty of time spent doing the more sensible option since then!

I am inclined to agree with you … we will never be this young and responsibility free ever again , in many ways

OP posts:
Panda89 · 29/04/2023 13:19

I personally would go on the honeymoon if it will only take a few months to build up the savings again.
Enjoy yourselves whilst you have the opportunity, you never know what is around the corner :)

Original poster
higreen · 29/04/2023 13:32

Panda89 · 29/04/2023 13:19

I personally would go on the honeymoon if it will only take a few months to build up the savings again.
Enjoy yourselves whilst you have the opportunity, you never know what is around the corner :)

Thank you this is true

OP posts:
UsingChangeofName · 29/04/2023 13:52

It's very much a personal decision.

I wouldn't, but having my own property means more than a holiday to me.
We had 2 nights away in this country for our honeymoon.

But, for others, the being away somewhere exotic for 10 days or whatever is really important.

Neither is right or wrong. Especially as it sounds like you are nearly there with the savings.

Original poster
higreen · 29/04/2023 14:26

UsingChangeofName · 29/04/2023 13:52

It's very much a personal decision.

I wouldn't, but having my own property means more than a holiday to me.
We had 2 nights away in this country for our honeymoon.

But, for others, the being away somewhere exotic for 10 days or whatever is really important.

Neither is right or wrong. Especially as it sounds like you are nearly there with the savings.

Thank you for the balance !

OP posts: