Boo hiss – its time to talk budgets!

Calla Lillies bride and bridesmaids Boutique Floral wedding florist for Tyne the Knot Wedding Blog North East Northumberland Newcastle

Hoorah – wedding fairs galore, new set of glossy magazines to look through, pinterest boards to fill, blogs to read, Facebook, #weddinghour, ideas, ideas ideas! You will never be stuck for those when planning a wedding these days – go … Continue reading

Money, Money, Money

Pearman Photography engagement shoot - general image, Blog for Tynetheknot.co.uk

Today we are lucky to have some super helpful hints and tips on ‘Building the Budget’ from North East Wedding Planner’s Donna Hartley-Redfearn So decision made you and your now fiancée are getting married. Firstly before running to the local … Continue reading

What came first? The Mortgage or the Marriage

Here at Tyne the Knot, we love to talk weddings, but as we all know we are all grown ups (whether we act like it or not) and have many other things to balance along side getting married. We bought our first house and got married within a couple of months and money is on the agenda! So, in an effort to bring us all back down to earth for one blog post, some good advice from David Wilson of NE Money!

What came first, the Mortgage or the Marriage?

In today’s world there’s no exact plan for whether people get married first and then buy their first home or vice versa.  We all know the commitment we make upon getting married, but do we really consider the financial commitment or planning before we get Mortgaged?  Here’s a quick look at a few things to think about before making the big financial commitment.

For Richer, For Poorer

It’s vitally important to discuss your past and present financial situation with your partner before getting wed and especially before getting a mortgage together.  The conversation can be as awkward as discussing your ex’s, but by being honest about the good, the bad and the ugly (financially) it avoids any future tensions or upset.  A great starting point for this is getting a copy of your credit report from one of the reference agencies (Experian or Equifax).  Reviewing this report before applying for a mortgage can not only avoid some embarrassment if it’s not too rosy, but also lets you fix any issues before you apply.  Hopefully maximising your chance of success.

In Sickness and In Health

Financial matters in times of ill health take the strain and this in turn can affect your relationship.  Understanding the risks to your lifestyle whether it’s a short spell off work or something longer and more serious, and making the necessary plans and financial provision, can prove invaluable at a time when money simply can’t be allowed to be the issue.  Put plans in place for what should happen and insure the risks you can’t afford to take.

Your mortgage is likely to be your biggest financial commitment so make plans to ensure monthly payments are made or the mortgage repaid if something unexpected happens.

Till Death us do Part

Buying a property together is a big commitment and carries various legal and financial obligations.  In particular when buying a property you should consider how the property will be bought – the two options are Joint Tenants and Tenants in Common.  Joint Tenants is where you both own the whole of the property – if one person dies then the other person becomes the sole owner of the house.  Tenants in Common are where each of you owns a share of the property – this can be an equal share or a specific percentage (sometime useful if the deposit provided by one is higher).

There’s no right answer as to which route you should take but understanding the difference will allow you to make the right choice for you personally.

To Have and To Hold

When applying for a mortgage the adviser/lender will want to know what you’ve got and where it goes.  From April 2014 the mortgage process will get a little bit more focused on affordability and therefore details of what comes in to your household and where that goes will be key to how much you can afford to borrow.

Just like credit reports it a great idea to sit down with bank statements and work out exactly where your money goes every month.  Lenders used to just look at things like council tax, utility bills and household costs but now this will include gym memberships, nights out and other smaller (but regular) spending.

The plans for the big day and the emotional commitment people make always take centre stage (and quite right), but by taking a little time to ensure you both know each other’s financial lives (and getting that foundation in place) means you’re on the way to a life of health, wealth and happiness.

With thanks to David Wilson

Mortgage or Marriage

 

 

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Budget Breakdown – how should you be spending your wedding budget?

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