Why Buying a House Is More of a Commitment Than Getting Married

By M L Symonds

Marriage is often seen as the ultimate commitment between two people. However, for 25-34 year olds, new research has found that there may be something that is considered more of a commitment than getting hitched.

Halifax has found that young people now consider buying a house and taking out a large mortgage together more of a commitment than getting married. Here, we look at the bank's latest research and consider the significant differences in mortgage priorities between age groups in the UK.

Young people would rather get married than buy a house together

Halifax's State of the Nation study looked at the difference between the ages when it came to buying a house and taking out a high value mortgage with a partner. They found that around 28 per cent of 25-34 year olds were married when they bought their home with their partner compared to nearly 73 per cent of 35-44 year olds.

Stephen Noakes, Halifax mortgage director, said: "It is interesting to see how different age groups see the market differently. Those aged 25-34, who in the majority of cases would have been buying their first house during or after the financial crisis, have clearly been affected.
The fact that theirs is the only generation which thinks buying a home with someone is a bigger commitment than getting married speaks volumes."

Of the 25-34 year olds who bought a house with a partner, almost two thirds (64 per cent) were not married and only 28 per cent were married. Contrastingly, of the 35-44 year olds who bought a house with a partner only 21 per cent were not married while almost three quarters (73 per cent) were married.

The research also showed that four in five (80 per cent) of homeowners believed they would find it harder to get a mortgage if they were looking for their first house now. This rose to 92 per cent for those earning between £14,001 and £21,000, but dropped to 75 per cent for those earning over £55,001.

Brits fail to keep track of their large mortgage debt

The Halifax research also found that millions of Brits were failing to keep track of the amount they owed on their high value mortgage. The study also revealed that sole homeowners are much more likely to be paying a substantial portion of their income to their mortgage. Mortgage payments account for more than half of the monthly income for one in six sole homeowners aged 25-34. This is compared to the average of just 6 per cent.

Islay Robinson, director of London mortgage broker Enness Private Clients, commented that the Halifax found nearly one in ten people had no idea how much they owed on their large mortgage - not even to the nearest £10,000. Considering that many of these loans will be on an interest only basis, it is vital that borrowers pay attention to their mortgage in order that they can make plans to repay the capital. Everyone with a large mortgage should review it on a regular basis to ensure that their arrangements remain appropriate.

This article has been written on behalf of Enness Private Clients, who offer an expert and focussed service specifically for clients requiring large mortgages. As a specialist London mortgage adviser they work with people from all walks of professional life: from lawyers, hedge fund managers and board directors to entrepreneurs and self-employed business people.