Martin Lewis recommends Lifetime ISA for first time buyers
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A poll of 2,000 adults found this was because being named on a house with someone carries more of a financial obligation than a wedding ring. While 51 percent believe the contract of mortgage paperwork is more of a tie than a legally binding marriage certificate. A resounding 81 percent also consider a home is a far more sensible investment of their hard-earned cash than a wedding.
In fact, more than three quarters (77 percent) went as far as to say a fancy wedding is little more than a ‘waste of money’.
But while Brits are reluctant to splash the cash on a wedding day, they’re less likely to consider a lavish honeymoon a waste of funds (60 percent).
Dev Malle, chief business development officer at online conveyancer, 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.”
On average, Brits believe a paltry £4,940 is a ‘reasonable’ amount of money to spend on a wedding in 2021.
And just one percent of respondents would be willing to spend £20,000 or more on their big day, according to the OnePoll figures.
However, budding homeowners believe a figure almost four times as high – £18,037 – is a reasonable amount to put down for a house deposit.
It also emerged more than one in 10 (13 percent) believe getting a pet together with someone is more important to them than marriage, while a fifth feel the same about opening a joint bank account.
A little under a fifth of respondents (16 percent) would even turn down a marriage proposal, if one was forthcoming.
Thirty-eight percent simply see no need to tie the knot, while 35 percent believe there are other ways to show commitment to someone.
One in four, meanwhile, have no desire to take someone else’s surname in place of their own.
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.
“That’s why we’re helping couples who have said ‘I do’ to a mortgage celebrate with their own mortgage engagement party, complete with cake, prosecco, entertainment and £1,000 towards their new home.”
Couples hoping to bag themselves a mortgage engagement party can visit myhomemoveconveyancing.co.uk/win-a-mortgage-engagement-party before Monday 21 June and explain why they deserve the party.
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