Money mortgage wedding

[wollow]

In the process of buying, could potentially borrow more.

Should we borrow more and have that money for the wedding in a couple of years.

Or would a loan be a better option?

Of course we will be saving too in the mean time but it wont be enough.

I wouldn't borrow money to pay for a wedding. I'd save up and make the wedding fit your budget.

Don't borrow or take out a loan for a wedding ... that's crazy.

25 years minimum to pay for 1 day?

For a start use a mortgage calculate to understand exactly how much you’d actually be paying.

Don’t make the mistake of just looking an an APR and thinking mortgage is cheaper than a personal loan - the length of the term is vastly different.

But most of all... don’t borrow for a wedding. Save up, and cut your cloth. If you can afford to repay a loan, you can afford to save instead. Just marry a little later.

Just have a low costwedding. I can't comprehend getting in debt for one day

Surely in the current situation planning a big, expensive wedding is madness ? This is the perfect time to have a small, intimate wedding.

25 years minimum to pay for 1 day?

When it's put like that, it does seem crazy. I agree with the others, have the wedding that fits your budget.

Of course we will be saving too in the mean time but it wont be enough.

Then you need to plan a different wedding.

I can't see a mortgage company agreeing to lend you several thousand more than the value of the house that you are buying.

It's perfectly possible to have a great wedding on a tight budget. My friend did this with a marquee in the garden, at about 1/4 the cost of most weddings. Their wedding was unique and almost 25 years later you still hear their friends remembering it and talking about it when the topic of weddings comes up.

Skip the wedding and just do a quick marriage at the local registry or whatever you call it in U.K. Then use whatever you have saved so far towards a lovely honeymoon when Covid is over.

You can’t borrow more than the value of the house you’re buying.

So if your mortgage product is 15% deposit, and you buy a house that’s £200K, then you’ll need to put down £30K deposit and the bank will lend you £170K mortgage. It doesn’t matter if you could borrow more in principle - the loan is based on the house purchase value.

Please do not borrow additional mortgage funds to pay for your wedding.

Don't go into debt for your wedding, jesus.

Seriously, it's one day. It will be gone in the blink of an eye and it"s not as important as the marriage afterwards. Do not get into debt for a wedding day.

Don’t go into debt for a wedding!

Neither mortgage or loan. Savings and use them only.

Honestly, because a mortgage feels affordable, it is very easy to forget how much it actually costs in interest over the whole lifetime.

Work out the total cost for your wedding, that is how much it would cost you to borrow that amount over twenty five years. I am pretty sure that will put you off.

It might also encourage you to significantly reduce what you spend on a wedding and put the sufferer towards paying off your mortgage early. Seeing how much you save for even a small overpayment of the mortgage makes a really compelling argument. Good luck.

So you’re considering putting a lower deposit down to spend it on a wedding? If that’s 2k, then I can’t see a problem. However, it sounds like you’re planning a stupidly expensive wedding you can’t really afford (not able to save for it in 2yrs?). That’s a very bad idea as you’ll start your marriage on the wrong foot financially.