Today is Mortgage Freedom Day!


Updated on 01 May 2015 | 2 Comments

Homeowners will have earned enough by today to cover year of repayments.

Research by Halifax suggests that today is the UK's Mortgage Freedom Day.

That's the day when, had we devoted every penny we'd earned since the start of the year towards our mortgage, we'd have earned enough to cover the annual cost.

The Halifax research is based on the average annual mortgage repayment cost of £7,567 and average net income of £25,588.

This year’s UK Mortgage Freedom Day comes eight days after last year’s (10th April). This is a result of the net annual income decreasing by £15 since 2014, while the average annual mortgage repayment increased by £613 over the same period.

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It came to Scotland earlier

Different areas of the nation hit their Mortgage Freedom Day at different times, due to the varying wages and mortgage sizes across the UK.

Halifax's figures show that new borrowers in Renfrewshire recorded the earliest Mortgage Freedom Day in 2015, back on 28th February.

In fact, eight out of the 10 earliest Mortgage Freedom Days this year are in Scotland, including North Lanarkshire and West Dumbartonshire. The remaining two are in Northern Ireland: Larne and Ballymoney.

Local Authority

Region

Mortgage Freedom Day

Renfrewshire

Scotland

28th February 2015

North Lanarkshire

Scotland

28th February 2015

West Dunbartonshire

Scotland

1st March 2015

Larne

Northern Ireland

2nd March 2015

Inverclyde

Scotland

2nd March 2015

East Ayrshire

Scotland

3rd March 2015

North Ayrshire

Scotland

4th March 2015

South Ayrshire

Scotland

4th March 2015

Western Isles

Scotland

4th March 2015

Ballymoney

Northern Ireland

5th March 2015

Source: Halifax

The first local authority in England to record Mortgage Freedom Day is Swindon, Wiltshire on 8th April.

Here are the national averages:

Nation

Mortgage Freedom Day

Northern Ireland

19th March 2015

Scotland

22nd March 2015

Wales

13th April 2015

England

18th May 2015

UK

18th April 2015

Source: Halifax

Compare mortgages with loveMONEY

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