Mortgage freedom day arrives for average home owner
April 22, 2017 by Brendan
Home owners
Mortgage freedom day has been calculated as 19 April for UK home owners, according to the Halifax, and is the date in the year when most home owners have earned sufficient to cover their mortgage costs for the remainder of the year.
For home owners in East Anglia, mortgage freedom day fell on 13 April, as the average property prices are slightly lower. For home owners in other areas of the UK, the day will have fallen in March. However, 19 April is deemed to be the average date for home owners across the UK to have earned enough to pay their mortgage for the rest of the year. This is based on an average take home pay of £26,810 for a new borrower who had a 30% deposit.
The research, conducted by the Halifax, assumed that borrowers would put all their income towards paying the mortgage until they had earned enough to have covered the year’s repayments, in order to calculate the mortgage freedom day.
For borrowers in London, mortgage freedom day won’t fall until 27 June, and for Haringey home owners, the day will fall on 6 September. Home owners who have the shortest time to wait for mortgage freedom day live in West Dunbartonshire, Scotland, as mortgage freedom day for them is 26 February.
Borrowers can make sure that they pay off their mortgage as quickly as possible by seeking advice from a mortgage adviser who has attended CeMAP training courses. They have the necessary knowledge to help find a suitable mortgage deal.
Written by
Brendan
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