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Finance options for your wedding

Finance options for your wedding

 



Video transcript

The stats to follow show that marriage is increasing in popularity, but have you considered how you`re going to pay for that amazing special day and hopefully a honey moon in paradise, be it for yourself or your children?

Official numbers from the Office for National Statistics indicate that in 2012, more than 262,000 ceremonies took place in the UK; the most in a decade. The 5.3 per cent spike from the previous year was the biggest single increase since the 70s, with the wedding of the Duke and Duchess of Cambridge thought to be a major catalyst. It`s also thought that their grand ceremony helped the number of church weddings to experience its largest year on year jump in more than three decades, as people embraced the traditional image of  marriage.

Of course, when 2014`s wedding statistics come in, they`ll show an additional boost following the passing of the Same Sex Couples Act. In the first three months alone, this added an extra 1,400 marriages to the total, with more likely to come now that the avenue has been opened. However, deciding to get married is the only the first step it`s only then that you need to consider how much it`s going to set you back and how you`ll pay for it. Depending on which stats you believe, the average wedding in the UK costs between a whopping £18,000 and £24,000.It`s unlikely that you`ll have that kind of money spare, especially if you`ve just bought or are considering buying your first home together. With that in mind, you may need to find other ways of financing your big day, which could involve help from your family, looking at a personal loan, remortgaging to release some of your equity or taking out a homeowner secured loan. To speak to us about our options for financing your wedding please call our finance adviser team on 0333 003 1505 or 0800 298 3000.

If you`ve got your own home, a remortgage or secured loan from First Choice Finance could help you get funding of up to £50,000 for your wedding, which may allow you to afford the most flamboyant ceremony possible along with sorting out some other key areas and keep the repayments manageable. Always consider that the longer you spread loans over the more interest you will pay on a like for like basis. So keep the payments affordable but keep the term sensible to pay back the least interest possible.

We`re also able to provide wedding loans for people who may not have the best credit rating, either by connecting you with lenders who specialise in bad credit loans or our lenders who could set you up with a guarantor loan, where a friend or family member with a good credit history can guarantee the borrowing for you and you can raise up to £10,000 this way spreading the cost over up to 5 years.Family can also help you in a more direct way too; tradition dictates that the father of the bride pays for his daughter`s big day and even though costs are often dealt with differently these days, there may still be some family wedding plans who see it as a point of pride to pay for the big day.

In this instance, a remortgage or secured loan against the parents` property could provide a ready lump sum to pay for the wedding. Not only does that give mum and dad the satisfaction of sticking to tradition, it also means that the happy couple can start their new life together without owing any money.

Of course, there are always ways to reduce the cost of your wedding so that it can fit within budget. There are plenty of things you can do, from cutting back small amounts each day, selling unwanted items or picking unusual locations or times of the year for your ceremony. 

Homeowner Secured Loans
Rates From 7.1% APRC Representative Example £30,000 over 72 months @ £679.90 repayments. Total payable of £49,949. 20.1% APRC including £2,975 intermediary fee and a £995 lender fee. Loans secured on property. First Choice are tied to certain loan providers.

Mortgages & Remortgages
4.5% APRC
Representative Example: Borrow £80,000 over 25 years At 4.6% Variable, £461.95 for 300 months.
Total Payable £138,585. Total Cost Of Credit £58,585 (incl £1360 fee).


Unsecured Personal Loans
REPRESENTATIVE 49.9% APR (VARIABLE)
First Choice are tied to certain unsecured lenders.


THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Security is required on immovable property.



Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home

First Choice Finance is a trading style of First Choice Funding Limited of The Old Courtyard, 103 Buxton Road, High Lane, Stockport, Cheshire. SK6 8DX. Copyright protected 2014.


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