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From ‘I do’ to ‘we own’: Five tips for newlyweds getting mortgage-ready
The wedding bells have rung, the honeymoon is over and married life is getting underway. For many newlyweds, the next exciting milestone is finding a place to call their own. Whether you’ve been renting, living separately or staying with family before tying the knot, buying your first home together is a big step. But just as planning the perfect wedding comes with its challenges, navigating the mortgage market and getting onto the property ladder as a newly married couple can bring its own set of hurdles.
Tanya Elmaz, managing director of intermediary sales at Together, shares his five top tips for newlyweds looking to make their property dreams a reality.
1. Say 'I do' to financial transparency
Marriage marks the beginning of a shared future and for couples planning to buy a home together, being open about finances is one of the most important first steps. Before jumping into property viewings, sit down and discuss your savings, existing debts, credit histories and how much you can realistically afford in monthly mortgage repayments. Remember to factor in additional expenses such as solicitor fees, surveys and moving costs, particularly if you've recently spent a significant amount on your wedding.
It's also important to understand that taking out a joint mortgage means you're both responsible for the full loan, not just your individual halves. Having these conversations early will help avoid surprises further down the line and ensure you're both financially prepared for this next chapter.
2. Don't let a credit blip or unconventional income hold you back
While marriage brings two lives together, it doesn't automatically mean your financial circumstances will fit neatly into a traditional lender's criteria. Perhaps one partner is self-employed, works freelance or has multiple income streams, while the other has experienced a missed payment or credit blip in the past. These circumstances can sometimes make securing a mortgage through a high-street lender more challenging, but they shouldn't automatically put your homeownership dreams on hold.
Financial circumstances aren't always straightforward. Specialist mortgage lenders, like Together, can look beyond traditional tick-box criteria and assess applications on an individual basis, taking into account circumstances such as complex income and imperfect credit histories. Explore your options with a mortgage adviser early on, rather than assuming a rejection from one lender means you won't be able to buy.
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3. Think beyond the honeymoon period and check the EPC
When searching for your first home as newlyweds, it's easy to get swept up in the excitement of spacious kitchens, beautiful gardens and the perfect room to decorate. However, one thing newlyweds shouldn't overlook is a property's Energy Performance Certificate (EPC), which provides an indication of how energy efficient the home is and its potential running costs. In fact, our research* found that almost three-quarters (74%) of Brits would be willing to pay more for an energy-efficient home, while 73% are concerned that properties with poor EPC ratings could become increasingly difficult to sell.
Before committing to a property, check its EPC rating and look at any recommended improvements, such as insulation or heating upgrades. A home with a lower rating isn't necessarily one to rule out, especially if you're happy to renovate but understanding the potential costs upfront could save you money and help protect your investment in the long run.
4. Don't write off a dream home because it's deemed ‘unmortgageable’
For newlyweds searching for their forever home, properties with unusual features, such as thatched roofs, solid walls or short leases, can sometimes fall outside mainstream mortgage lending criteria. In fact, we found* that more than 1.5 million UK properties, around 6% of the country's housing stock, could face rejection from high-street lenders. However, these homes can offer opportunities for couples looking to make their budget go further, with 44% of those who had purchased or strongly considered buying an 'unmortgageable' property citing better value for money, while 31% were attracted by the prospect of a renovation project. Remember being deemed 'unmortgageable' doesn't mean a property is impossible to finance.
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5. Don't let a property chain delay your next chapter
Timing isn't always on your side when buying a home, particularly if one or both newlyweds already own a property that needs to be sold. You might find your ideal home together before an existing sale has completed or face delays further along the property chain that put your purchase at risk. In certain circumstances, bridging finance could offer a solution. A bridging loan is a form of short-term borrowing that can help cover the gap between purchasing a new property and receiving funds from selling an existing one.
That said, couples should carefully consider the costs involved and have a clear plan for repaying the loan, usually through a property sale or refinancing. Exploring these options early could help keep your plans moving rather than allowing a delayed sale to dictate when you can begin married life in your new home.
*All content and data supplied by Together.
