Can I pay a mortgage and get married?

TO FILL fill your car with gasoline. Ouch It hurts! Go do your weekly shopping. How many? Go out to dinner with a group of friends. Maybe you better ditch the entries at these prices. With inflation, life becomes more expensive and we all need to make changes to make our money work.

Some are small changes. Some are more important – like whether you can afford a mortgage or get married. If you’re wondering whether you should get married or set foot on the property ladder, here’s what we found when we asked 2,000 similarly-situationable UK adults how they felt.

Crunch time… can you have a mortgage and get married?

Of those we surveyed, 66% didn’t think they could shell out money for both a wedding and a first home. And when asked which they would opt for, 83% chose their dream home, while only 8% chose their dream wedding (men were more inclined towards the idea of ​​a dream wedding than women – 10% versus 5%).

Is the wedding of your dreams possible?

Almost a quarter (24%) did not believe they could afford the wedding of their dreams, although not everyone gives up on that dream. It’s more about when, not if, with 33% believing it will take up to three years to save for their marriage, while 51% believe it will take up to five years.

And how about owning your own home?

Only one in seven believe they will be able to afford their dream home, with 49% believing they will never be able to afford it. Of course, one of the biggest obstacles to buying a home is that elusive deposit. 45% of those wishing to become owners think it will take them more than five years to reach the full deposit required. And just over 10% think they could save a down payment within three years.

Practical steps you can take

Do not lose hope. It seems that the key to having both a marriage and a mortgage is savings.

1. Reload or Open a Stock and Equity ISA

If you don’t already have stocks and stock ISAs, this is one of the most tax-efficient ways to save. It’s easy to open and you can save up to £20,000 a year without having to pay income or capital gains tax on your investments.

2. Regular savings plan

It is possible to open an equity and stock ISA with as little as £25 per month. And if you invest in the type of funds that generate income and decide to reinvest it, it will accumulate over time – because you are effectively earning interest on your interest. This will help your savings grow even faster.

3.Lifetime ISA

You can only open a Lifetime ISA between the ages of 18 and 39 to save for your first home or for retirement. The government will add 25% on top of whatever you save (up to the £4,000 per year allowance). That brings the total to £5,000 – that’s £1,000 of free government money. Unlike a regular ISA, there are withdrawal rules. If you try to use your Lifetime ISA savings for anything other than buying your first property or retiring after age 60, you’ll be charged a penalty of 25% of your total balance. We don’t offer lifetime ISAs at this time, but watch this space.

Source:

1 Fidelity International Life Moment Survey – conducted by Opinium Research in January 2022

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