Buying A Property Used By Many To Delay Getting Married
Published: 24 January 2011 By MoneyHighStreet Staff Leave a Comment
Many couples are opting to buy a property and get a mortgage before getting married or having a civil partnership.
For some, buying a property with a partner is considered as a higher priority commitment to each other than getting married.
Some 30% of people surveyed by Post Office Mortgages, felt that buying a house would remove the pressure of getting married.
The research also shows a generational shift in traditional attitudes to property and marriage.
While 66 per cent of over-55s said that marriage is a greater commitment than buying a property with a partner, only 50 per cent of under-34s felt the same.
Only 19% of people are still taking the traditional approach of only considering buying a property once married.
For many younger people, buying with a partner may be the only way to get onto the property ladder. Even then there’s the question of being able to afford a mortgage, with many already worried about their level of debt.
As Post Office Head of Mortgages, Mike Cook, comments “Purchasing a property, whether it’s with a partner or a friend, is of course a big commitment. With many first time buyers finding it hard to get on the property ladder, for some couples buying a house together before marriage is out of financial necessity, rather than just ‘playing house’.
We are also seeing an increasing number of applications from friends or family members buying together as people seek other ways to get themselves on the housing ladder. You can have up to four people on a mortgage, so friends can take that first step together.
Choosing the right mortgage for your situation, regardless of who you are buying with, will help first time buyers take this step together more easily.”
Post Office Mortgages offer a wide range of fixed and base rate tracker mortgages to suit all tastes, including several which only require a 10 per cent deposit. Customers can pick up information on the Post Office website or from any one of their branches across the UK.
