Taylor Scott International News
Home borrowers in the UK have reached the time of year when they will have earned enough to pay off the annual cost of their mortgage, research shows. Based on the average annual mortgage repayment cost of £7,584 and the average net annual income of £26,023, lender the Halifax has calculated that home owners with a mortgage will have today earned enough on average to cover their mortgage payments for the rest of 2016. Mortgage Freedom Day this year occurs just a day later than in 2015 and is the result of average annual mortgage repayment edging up by £17 during the year. Rental Freedom Day, on the other hand, comes 16 days later on the 05 May, again a day later than in 2015. However, there is a wide variation in Mortgage Freedom Day across the country, with home owners in Scotland and Northern Ireland achieving this on 12 March, followed by Yorkshire and the Humber on 25 March, the North West 26th and the North the 27th. Mortgage Freedom Day for Londoners doesn't arrive until 26 June, three months later than in northern England. Regionally, the North was the first to achieve Rental Freedom Day on 05 April this year, just ahead of Yorkshire and the Humber on 09 April and the East Midlands on the 13th April. Tenants in London have to wait until 13 July. ‘For most home owners 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. On the other hand, those who rent will need to work a further couple of weeks to have earned enough to cover their annual rental cost,’ said Craig McKinlay, Halifax mortgage director. At local authority district level, new borrowers in West Dunbartonshire recorded the earliest Mortgage Freedom Day in 2016, on 21 February. Eight of the 10 earliest Mortgage Freedom Days this year take place in Scotland, including Inverclyde and East Ayrshire, both 23rd February, and North Lanarkshire on the 25th February. The remaining two local areas are Copeland in Cumbria on the 27th February and Blaenau Gwent on 02 March. Home owners in South Bucks have to wait until the autumn for Mortgage Freedom Day which will be the 12 September, followed by Hammersmith and Fulham on 21 August, Brent in North West London on 19 August and Ealing on 08 August. Taylor Scott International
Taylor Scott International, Taylor Scott
