Halifax

18 APRIL IS UK MORTGAGE FREEDOM DAY

18 April 2015

18 April IS UK Mortgage freeDOM DAy

             Rising house prices and static wages pushes Mortgage Freedom Day back 8 days

 Halifax research shows that today, 18 April, is this year’s UK Mortgage Freedom Day – the day when new borrowers1 will have finally earned enough to pay off the annual cost of their mortgage2.

Based on the average annual mortgage repayment cost of £7,567 and the average net annual income of £25,5884, Halifax has calculated that those with a mortgage will have today earned enough on average to cover their mortgage payments for the rest of 2015.

Mortgage Freedom Day this year occurs eight days later than in 2014 (10 April), and is the result of net annual income decreasing by £15 since last year while the average annual mortgage repayment increasing by £613 over the same period.

Craig McKinlay, Mortgage Director, Halifax, commented: "While monthly mortgage and rental costs account for the majority of many people’s household budgets, Mortgage Freedom Day provides a different perspective on how much we spend on these costs over the course of a year.

“Our research shows that today, if people had put everything they’d earned since the start of the year towards their mortgage, the average homeowner would be mortgage free for the remainder of the year.”

Mortgage Freedom Day comes early in Scotland

New borrowers in Renfrewshire recorded the earliest Mortgage Freedom Day in 2015, on 28 February. Eight of the ten earliest Mortgage Freedom Days this year take place in Scotland, such as in North Larnarkshire (28th February) and West Dunbartonshire (1st March). The remaining two are in Northern Ireland; including Larne (2nd March) and Ballymoney (5th March).

The first local authority in England to record Mortgage Freedom Day is in Swindon in Wiltshire (8 April).

 

Earliest Mortgage Freedom Days by Local Authority

Local Authority

Region

Mortgage Freedom Day

Renfrewshire

Scotland

28 February 2015

North Lanarkshire

Scotland

28 February 2015

West Dunbartonshire

Scotland

01 March 2015

Larne

Northern Ireland

02 March 2015

Inverclyde

Scotland

02 March 2015

East Ayrshire

Scotland

03 March 2015

North Ayrshire

Scotland

04 March 2015

South Ayrshire

Scotland

04 March 2015

Western Isles

Scotland

04 March 2015

Ballymoney

Northern Ireland

05 March 2015

Source: Halifax

   

Mortgage Freedom Day around the country…

Nationally, there is over a six week difference between the earliest Mortgage Freedom Day in Scotland (28th February) and England (18th April) and Wales (13th April).

 

National Mortgage Freedom Days

 

Nation

Mortgage Freedom Day

 

N Ireland

19 March 2015

 

Scot

22 March 2015

 

Wales

13 April 2015

 

England

18 May 2015

 

UK

18 April 2015

 

 

ENDS

 

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