Buying a home a bigger commitment than getting married for many young couples

The Momentum UK Team 14 November 2012

Buying a house in a bigger commitment than getting married for 28% of 25-34 year olds according to a report by Halifax.

The report also suggests that 28% of homeowners in the same age group were unmarried when they bought their first home, a higher proportion than any other older age group.

Stephen Noakes, Mortgage Director at Halifax, 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 that thinks buying a home with someone is a bigger commitment than getting married speaks volumes.”

For those buying their first home the initial hurdle is often saving for a deposit. Many mortgage lenders now require a deposit around 20% of the house price as a deposit for first-time buyers. This can mean that to get a mortgage on a house worth £200,000 a deposit of £40,000 would be needed.

Almost a quarter of homeowners surveyed said that thought that they would find it more difficult to obtain a  first mortgage if they were looking were looking to buy at the present, and one in ten have no idea how much money they still owe on there mortgage.

The survey also suggested that one in ten female homeowners pay more than half of their income on monthly mortgage repayments, compared to just one in twenty male homeowners.