UK home owners celebrate Freedom Day

Renters now spend an extra four weeks at work paying off their home

New Halifax research showed that April 13th was is this year’s Mortgage Freedom Day in the UK; as on the 103rd day of the year new UK homeowners will have finally earned enough to pay off the annual cost of their mortgage.

The equivalent date for home-renters arrives nearly a month later, on the 12th May.

Halifax, part of the Lloyds Banking Group, has calculated that those with a mortgage will have today earned enough on average to cover their mortgage payments for the year 2013.

Craig McKinlay, Mortgage Director, Halifax, commented “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”.

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