Take this couple’s compatibility test before you buy a house – or you could regret it
LOVEBIRDS are being urged to take this ‘couples compatibility test’ before deciding if now is the right time to buy a property together.
It comes after research found three-quarters now believe homeownership is a bigger commitment than marriage.
It explores financial compatibility, views on long-term planning and lifestyles before revealing if they are ready to make the commitment.
The test and research were carried out by Skipton Building Society, which has teamed up with TV presenter and property expert Tayo Oguntonade.
He said: “From personal experience of buying a property with my now-wife before we were married and spending years as a mortgage broker, one of my top tips for couples buying together would be to be as financially transparent as possible.
“Having a clear understanding of each other’s views on savings, debt, credit scores, and more is a great foundation when buying together.
“This is because when you take out a mortgage together you become financially linked.
“So, considering how this shared financial responsibility will affect both of you moving forward is very important.”
The poll of 1,000 adults in unwedded relationships also found 64 per cent would prioritise getting on the property ladder over walking down the aisle.
Nearly six in 10 prefer the financial stability of bricks and mortar, while 43 per cent think it is ‘better value for money’ compared to exchanging vows.
Over half even went on to claim getting out of a mortgage would be a more complex legal procedure than getting a divorce.
However, before buying, 82 per cent said it’s important to have rented with your other half, with 87 per cent agreeing you truly know a partner once you’ve lived with them.
But, on average, those polled think couples need two and a half years of cohabiting before they are ready to take their relationship to the next stage.
When the relationship feels stable is the biggest indicator that lovebirds are ready to move on from their rental into something more permanent.
While 63 per cent believe significant others should start the process when both have established a steady income.
And aligned values on where to live are also an important sign for 45 per cent.
The research, which was conducted via OnePoll, went on to find these unwed couples estimate they would have to save £27,000 for a deposit to get on the property ladder.
But they forecast they would need in the region of £17,000 in order to tie the knot.
However, 59 per cent believe they would struggle to afford to fund both a wedding as well as a deposit.
Umera Patel from Skipton Building Society said: “Embarking on the journey of buying your first home together is an exciting adventure and massive chapter in any relationship.
“However, it is important to understand the process and ensure you have a clear plan to ensure this experience doesn’t become daunting, and instead enjoy the process of moving in with your significant other.
“My top tips for those couples looking to start the process of owning a home together would be to take the time to understand what your shared priorities are now and in the future, this will help you establish what you want from a property and in turn work out a budget.
“If you don’t have a Lifetime ISA, consider opening one – this will really help you focus on saving up for your first home.”
Tayo Oguntonade’s top tips for couples hoping to buy:
Speak to a mortgage professional
There are so many reasons why this is a good idea. One of my favourite reasons is that it’s free.
There aren’t many professionals in the UK who will assess your financial situation, help you build a plan and give you financial clarity without earning a penny.
This is a great place to start and will also help you gage how much you could borrow.
Systemise your savings
Saving your money consistently is key to reaching your goal.
Set a realistic amount that you can put away each month – any lump sum will be a bonus.
Also, if it suits your needs, consider a Lifetime ISA – to benefit from a government bonus on top of the interest you earn.
Determine where you want to live
This can help you narrow your search, making the process simpler for you.
It will also give you an idea of how much you could afford to borrow, which is an important first step.