Today is “mortgage freedom day”, when home owners typically have earned enough cash this year so far to pay off the cost of their mortgage for the whole of 2015, according to research.
Based on average mortgage repayments and incomes, the day comes more than one week later than last year (April 10), the Halifax report found.
The later date this year is due to house price growth and static wages, Halifax said, adding that net incomes have fallen by £15 since last year, while typical annual mortgage repayments have increased by £613 over the same period.
The average amount needed to pay off a mortgage for the whole of 2015 is £7,567.
Freedom day is calculated as the date when the average new borrower, whether they are a first-time buyer or a home mover, will typically have earned enough to have paid off the average annual cost of their mortgage repayments.