Loans increase as Brits borrow to fund weddings

British couples are requesting bigger loans to pay for their nuptials according to the latest data revealed from MoneySuperMarket.

The latest research from the price comparison website has revealed the amount requested for wedding loans in January 2018 rose to £9,206 – a year on year increase of over 11 per cent compared to January 2017 (£8,261) and 17 per cent compared to the same month in 2016 (£7,812).

The findings are based on over 160,000 wedding loan applications on MoneySuperMarket during the last two years.

Sally Francis, money expert at MoneySuperMarket, said: “As we’ve seen, December is still a popular month to get engaged, so it makes sense that requests for wedding loans subsequently soar in January.

“Taking this data and mapping it against mortgages is particularly interesting. While both come with a level of commitment, it’s interesting to see that a significant number of Brits – particularly millennials – are prioritising marriage over buying a home, as in reality doing both is often unaffordable.

The research also revealed how Brits are prioritising tying the knot instead of getting on the property as 60 per cent of Brits who took out a wedding loan in January don’t own their own property.

Francis added: “Although Stamp Duty has recently been removed for first time buyers on properties up to £300,000 which certainly helps, there’s a lot of speculation that mortgage rates will not be getting any cheaper. With staggering house prices showing no signs of going down and wedding loans also on the rise, it’s more important than ever to compare rates and find the best quote when taking out a loan of any kind.”