It’s UK ‘mortgage freedom day’ (unless you live in Cambridge, or Camden, or…)
Among the various dubious National Whatever Weeks and National Thingy Days, today is apparently ‘ UK Mortgage Free Day’ according to Halifax, the date when the average new borrower pays off their annual mortgage payments (on the basis that all earnings from January 1 are devoted to mortgage payments until these annual payments), the 103rd of the year.
The equivalent date for home-renters is May 12.
However, as with much of the property market, it’s not the same date around the UK. It comes later for those in the Mole Valley (July 2), Hammersmith and Fulham (July 3), and Cambridge (July 4), with Camden (July 26) five months later than the earliest Mortgage Freedom Day (Copeland, February 24).
Of the UK’s 394 Local Authorities, none of the earliest 100 Mortgage Freedom Days take place in the South. Swindon’s Mortgage Freedom Day (April 7) means it is 142, the only southern authority in the earliest 150.
At the other end of the scale, seven of the earliest 10 Mortgage Freedom Days take place in Scotland – Copeland, in the North West, on February 24, then West Dunbartonshire (March 6), and Hyndburn (March 7).
Nationally, this year’s Mortgage Freedom day occurred in Northern Ireland on March 16 and in Scotland on March 21. England’s is the last (April 16).
Craig McKinlay, Mortgage Director atHalifax, said: “For most homeowners, mortgage payments are the biggest outgoing every month. Knowing they’ve earned enough to pay off their mortgage for another year should be a reassuring thought. These calculations also highlight the significant difference between buying and renting. If you rent your home, then every year, on average, you will need to do about a month’s extra work to cover the cost of renting compared to a mortgage.”mortgages
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