Buying together means more than being married
In its State of the Nation study Halifax looked at the difference between the ages when it came to buying a house with a partner.
Around 28% of 25-34 year olds were married when they bought their home with their partner compared to nearly 73% of 35-44 year olds.
The research also showed that 80% homeowners believed they would find it harder to get a mortgage if they were looking for their first house now and this rose to 92% for those earning between £14,001 and £21,000, but dropped to 75% for those earning over £55,001.
And there was a gap between the sexes when it came to mortgage payments. One in 10 women spent more than half their average income on their mortgage compared to only one in 20 men who paid the equivalent amount.
Stephen Noakes, Halifax mortgage director, said: “It is interesting to see how different age groups see the market differently. Those aged 25-34, who in the majority of cases would have been buying their first house during or after the financial crisis, have clearly been affected. The fact that theirs is the only generation which thinks buying a home with someone is a bigger commitment than getting married speaks volumes.”
Nearly one in 10 had no idea how much they still owed on their mortgage – not even to the nearest £10,000. While over one in 4 claimed to know exactly how much they owed on their mortgage.
Noakes added: “It is surprising to see that so many people don’t pay attention to their mortgage debts – we would always recommend that customers keep track of their finances.”
Other findings from the study revealed one in six sole homeowners aged 25-34 pay more than half of their monthly income on their mortgage compared to the average of 6%.
And of the 25-34 year olds who bought a house with a partner 64% were not married and only 28% were married. Contrastingly of the 35-44 year olds who bought a house with a partner only 21% not married while 73% were married.