Borrowers can celebrate Freedom Day.
Mumbai: New borrowers can celebrate UK Mortgage Freedom Day. There is a wide variation in 'Mortgage Freedom' Days across the country with a gap of two months between when homeowners in Northern Ireland 'celebrate' on 10 March compared to those in England on 9 May.
It marks the day they will have earned enough to pay off the annual cost of their mortgage2. Halifax research reveals that today homeowners have earned sufficient, on average, to cover their mortgage payment for the rest of 2018. This is based on the average annual mortgage repayment cost of PS8,039 and the average net annual income of PS27,7243.
The research highlighted another divide across the regions, with those in the North, Yorkshire and Humber and the North West all reaching Mortgage Freedom Day in March, while Londoners have to wait until 13 June.