- Some couples use marriage registers to help fund installments, the Financial Times reported.
- One couple collected $30,000 from guests for the cost of the deposit and another collected $10,000.
- Wedding registry websites have seen an increase in the number of couples asking their guests for money.
Some couples preparing to get married are finding a new solution to the problem of raising enough money for a down payment on a house – by asking their wedding guests for money, the Financial Times has reported.
Instead of putting items like kitchen appliances and dinnerware on their wedding registry, some couples like Alexa Feneque and Silvio Tellez are asking for donations for their mortgage down payment and have raised $30,000, according to the newspaper.
“We work so hard to save for our first home and any contribution to that will always be sincerely appreciated,” the New York couple reportedly noted on their registry.
Zola and The Knot, two wedding registry and planning websites, told the Financial Times that more and more couples are using their registry to ask for help raising funds for a deposit or other wedding costs. lodging.
The average cost of a mortgage down payment for a first-time buyer is around 6% of the total cost of the property, according to mortgage provider Rocket Mortgage.
Zola said three-quarters of couples using her services are asking for cash, and the number of housing-related cash funds has increased since 2019. The Knot has seen a 10% increase in funds to help pay for new homes and renovations and the amount contributed to housing has increased by almost 80% this year.
Camille Hemming and her husband received $10,000 for their mortgage deposit after asking their 200 wedding guests to register on their registry, with around a third opting to contribute.
Mortgage rates this month topped 6% for the first time in 14 years, and this week the 30-year fixed rate rose to 6.29%. In August, the national median mortgage payment stood at $1,839, according to data from the Mortgage Bankers Association, while there was a 33% increase in monthly payments in the first eight months of this year.
“Savvy couples now know they can use their records to deposit that money for their future home,” Esther Lee, deputy editor of The Knot, told the Financial Times. “With everything we’ve been through with inflation and the housing market, people are really thinking about how they want to use their registry.”
Zola and The Knot did not immediately respond to Insider’s request for comment.