Moving in with your other half could save you money!
Research from a well-known mortgage provider has shown that committed couples who choose to live separately are collectively wasting £5billion a year. In fact around a million engaged couples or those in long-term relationships in the UK don’t live under the same roof, yet often spend three or more nights together a week at one of their properties.
While many couples happily opt for separate living accommodation to maintain their own space (and sanity in some cases), a lot of lovers believe that cohabitation is too costly. Phil Cliff, Director of Mortgages at Santander explains that ‘while some couples may prefer having separate homes, many are holding back from joint ownership because they’re under the impression that it will be too expensive or they won’t be able to get a mortgage’. However taking the plunge and moving in with a loved one could save you an average of £4,819 a year.
Santander found that couples living apart spend roughly £808 a month on rent whereas the monthly mortgage repayment for first-time buyers UK wide is around £406, therefore couples can halve their property costs by sharing a mortgage.
Not only can couples save some pennies on the cost of the property, but they could shrink their living costs too. Lovebirds could make serious cuts to grocery bills and transport costs as they’ll no longer have to make the trek to visit each other and let’s face it, it’s just more convenient all round – especially in those romantic moments.
So for those couples out there who long to be in each other’s company (regardless of her nagging and him leaving the toilet seat up) moving in together could make a relationship blossom and even have a positive effect on the bank balance too!
Check out some of the UK’s shared ownership properties for sale, perfect for first-time buyers looking to move in with a significant other.
Not ready to take the buying plunge just yet? Have a look at some affordable properties to rent around the UK.