14 Apr

Homeowners reach mortgage freedom day

Homeowners reach mortgage freedom day

Last week saw homeowners reach the national mortgage freedom day, according to Halifax.

Aptil 10th was the day in which the average property owner in the UK will have earned enough in the year to pay off their annual mortgage costs.

However, those in rental properties will have a further four weeks to meet their annual home costs.

Halifax has based its research on the average annual mortgage repayment cost of £6,954 and the net annual income of £25,603.

Mortgage freedom day came three days earlier than in 2013 and is the result of net annual income increasing by £2,153 since last year - although the average annual mortgage repayment has increased by £357 over the last 12 months.

"While monthly mortgage and rental costs account for the majority of many people’s household budgets, Mortgage Freedom Day provides a different perspective on how much we spend on these costs over the course of a year," said Craig McKinlay, mortgage director at the Halifax.

However, there are differences within the regions because of variations in house prices. Armagh was the first to reach Mortgage Freedom Day on February 13th.ADNFCR-1222-ID-801712264-ADNFCR

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