London’s love birds take top spot for the highest wedding loan amount, averaging £10,774 borrowed, and 79% of those do not own their home.
With London’s increasing house prices, could this be a reason people are choosing to marry before owning a home? Seemingly so, with Londoners expected to part with 138% of their annual salary for a mortgage deposit.
The same story plays out across the country, as prospective home-owners in the UK would see themselves compromising 68% of their annual salary for a deposit on a house, compared to just 31% to pay for their wedding.
This being said, wedding loans are also on the increase. In 2016, the average cost to fund the big day was £7,946 whereas 2017 has seen this rise to £8,462, by January 2018 this has peaked again as the amount requested for a wedding loan increases to £9,206.
People of the North East are least likely to take out a wedding loan, however 57% of those who do also don’t own a home – despite the average house deposit in this region being lower than the average wedding loan.