Monday, 20 September 2021

Time to cry ‘freedom!’

HAVE you heard of Mortgage Freedom Day?

HAVE you heard of Mortgage Freedom Day?

Apparently next Friday (April 29) is Mortgage Freedom Day for England. At least, according to the Halifax it is...

This is the day when new borrowers will have earned enough to pay off the annual cost of their mortgage.

Based on an average annual mortgage repayment cost of £7,584, and an average net annual income of £26,023, the Halifax calculated that homeowners with a mortgage will have, by that date, earned enough on average to cover their mortgage payments for the rest of 2016.

The Halifax also broke things down into region, and found a wide variation in Mortgage Freedom Day across the country, with Londoners having the longest wait for theirs — not until June 26. As you’d expect, just behind them comes the South East, which will have to wait till May 26.

Home owners in Yorkshire and the Humber achieved the feat on March 25, followed by the North West (March 26) and the North (March 27).

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