thing is , we were going to remortgage to pay for the wedding nexy july. the was the banks are at the moment we cant get the remortgage. mortgage adviser told us that it will probably change in six months so we could borrow then. question is, do we cancel now or do we just wait and take a chance that we get the money. we have hotel and chruch and photographer booked. dont want to book anything else incase we dod have to cancel - dont want to loose the deposits.
any siggestions would be greatfully appreciated.
I really dont know what you should do, were saving every spare cent we have and have been doing so for the last year, have most of what we need saved and if we have to were going to get a small credit union loan but hopefully it wont come to that.
Why dont you open a Credit union account and put aside a set amount each week, you would probably be able get a loan with them based on what you have saved. it might be an option to consider.
I firmly believe there is no point in putting youself in to debt to pay for one day. There are plenty of things you can do which wont cost you a fortune on the day, and plenty of trimmings you dont need which really add up.
Best of luck with it and hope it works out for you.
is there any way you can go ahead without the remortgage?
smaller wedding, cut out a lot of the fuss
i think that is the only way to keep going a head with it.
i wouldn't trust the economy at the minute
This is a dilemma, but I would go with sugarpuffs - could you go ahead with the existing bookings and then down size evertytthing else if the remortgage doesn't come through. Also, I wouldn't take the opinion of a mortgage broker about how the market will change - their job is to sell mortgages and in your case to keep you on the hook until you qualify.
Are you crazy??? You'll be paying for your wedding over 30 years or some crazy figure like that and if you get in trouble with repayments becuase of your little remortgage idea your house could be repossessed.
(Personally) Am totally against the idea of throwing weddings on the back end of your mortgage. It all sounds great, the thoughts of getting a huge wad of cash to pay for the wedding but have to agree with tiredbride, whats the point in paying for your wedding over 30 years?
Like the other girlies, downsize, cut out all the crap that no-one really notices, you can save a huge amount of money. We're having 60/65 and the entire wedding is costing us just under €10k. Once you put your mind to it you'll be surprised what cash you can save in 1 year.
Good luck with your decision either way, I hope it all works out X
I think its mad to remortgage your house to have a wedding. long term borrowing is supposed to be only done for items that will have a long term value, ie you borrow on your house because you anticipate the value will go up, otherwise it woudl not make sense. Do you realise that by remortgaging your house for your wedding, you will be paying your wedding off over 20-30 years (ie whatever the term of your mortgage is)? Just to put things in perspective: if you borrow an additional 15,000 for your wedding, and your mortgage is over 30 years, at 5.5% you will actually end up repaying over [b:oneq4cr6]30,000[/b:oneq4cr6]. If you have to borrow for your wedding you should consider taking out a shorter term loan from a bank or best of all from a credit union. I would seriously advise you to get some financial advice from either a professional advisor or a friend who knows what they are talking about.
If you have no other option other than a loan, you should speak to your credit union as soon as possible and ask them how you would go about borrowing the money from them - usually they require you to have some savings so if you started saving now, you might be in a position to borrow from them in the new year.
i agree remortgage seems very drastic!
we have cut every corner to save, no eating out, cut nights out drinkin,
no holidays, not buying clothes, it makes so much difference! we're saving 1500 a month make a list of things you can cut down on for next year, it might make a difference!``
your saying remortgage is drastic so is living like a hermit
do wat another poster said and open a credit union account and try and save as much as you can without "living like a hermit" and hopefully borrow on that
Have you talked to the bank about an unsecured loan??? Even that would be better to pay back over five years or something like that