Research has revealed that three-quarters now believe homeownership is a bigger commitment than marriage. The study delves into financial compatibility, views on long-term planning and lifestyles before determining if they are ready to make the commitment.
The test and research were conducted by Skipton Building Society, in collaboration with TV presenter and property expert Tayo Oguntonade. He advised: “From personal experience of buying a property with my now-wife before we were married and spending years as a mortgage broker, one of my top tips for couples buying together would be to be as financially transparent as possible.”
He added: “Having a clear understanding of each other’s views on savings, debt, credit scores, and more is a great foundation when buying together. This is because when you take out a mortgage together you become financially linked. So, considering how this shared financial responsibility will affect both of you moving forward is very important. ”
A poll of 1,000 adults in unwedded relationships also found 64% would prioritise getting on the property ladder over walking down the aisle. Nearly six in 10 (57%) prefer the financial stability of bricks and mortar, while 43% think it is ‘better value for money’ compared to exchanging vows. Over half (55 %) even went on to claim getting out of a mortgage would be a more complex legal procedure than getting a divorce.
However, a whopping 82% of those surveyed believe it’s crucial to have lived in rented accommodation with your partner before buying a home together, with a staggering 87% agreeing that you only truly know someone once you’ve cohabited. On average, respondents reckon couples need a solid two and a half years of living together before they’re ready to take their relationship to the next level.
The biggest sign that lovebirds are ready to move from renting to owning is when the relationship feels stable, according to 69% of those polled. Meanwhile, 63% reckon couples should only start the home-buying process when both partners have a steady income. Having shared views on where to live is also a key indicator for 45% of respondents.
The study, conducted via OnePoll, found that these unmarried couples estimate they’d need to save a hefty £27,000 for a deposit to get on the property ladder. But they predict they’d need around £17,000 to tie the knot. However, a significant 59% believe they would struggle to afford both a wedding and a house deposit.
Umera Patel from Skipton Building Society commented: “Embarking on the journey of buying your first home together is an exciting adventure and massive chapter in any relationship. However, it is important to understand the process and ensure you have a clear plan to ensure this experience doesn’t become daunting, and instead enjoy the process of moving in with your significant other.”
“My top tips for those couples looking to start the process of owning a home together would be to take the time to understand what your shared priorities are now and in the future, this will help you establish what you want from a property and in turn work out a budget. If you don’t have a Lifetime ISA, consider opening one this will really help you focus on saving up for your first home.”
Tayo Oguntonade’s top tips for couples hoping to buy:
- Speak to a mortgage professional – there are so many reasons why this is a good idea. One of my favourite reasons is that it’s free. There aren’t many professionals in the UK who will assess your financial situation, help you build a plan and give you financial clarity without earning a penny. This is a great place to start and will also help you gage how much you could borrow.
- Systemise your savings saving your money consistently is key to reaching your goal. Set a realistic amount that you can put away each month any lump sum will be a bonus. Also, if it suits your needs, consider a Lifetime ISA to benefit from a government bonus on top of the interest you earn.
- Determine where you want to live this can help you narrow your search, making the process simpler for you. It will also give you an idea of how much you could afford to borrow, which is an important first step.