New borrowers celebrate UK Mortgage Freedom Day

Written by Oliver Wade

Halifax research has revealed that today, 16 April, homeowners have earned on average a sufficient amount to cover their mortgage payments for the rest of 2018, based on the average annual mortgage repayment cost of £8,039 and an average annual income of £27,724.

However, there is a wide variation in ‘Mortgage Freedom’ days between the North and South of the UK, with homeowners in the North and Humber celebrating mortgage freedom in March, while those in London have to wait until June. There is a further divide between Northern Ireland and England, with homeowners ‘celebrating’ on 10 March and 9 May respectively.

Halifax mortgage director Andy Bickers commented: “Despite only a small shift, borrowers this year have on average earned enough to meet their mortgage payments for the rest of the year three days earlier in 2017 – a positive step considering a mortgage is often the greatest financial commitment we make in a lifetime.

“Homeowners are overall better off than renters, with ‘Rental Freedom’ Day falling more than two weeks later for the second year running. First-time buyers in particular are saving £900 a year buying a home than renting.”

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