Today is Mortgage Freedom Day!

Homeowners will have earned enough by today to cover year of repayments.

Research by Halifax suggests that today is the UK's Mortgage Freedom Day.

That's the day when, had we devoted every penny we'd earned since the start of the year towards our mortgage, we'd have earned enough to cover the annual cost.

The Halifax research is based on the average annual mortgage repayment cost of £7,567 and average net income of £25,588.

This year’s UK Mortgage Freedom Day comes eight days after last year’s (10th April). This is a result of the net annual income decreasing by £15 since 2014, while the average annual mortgage repayment increased by £613 over the same period.

Compare mortgages with loveMONEY

It came to Scotland earlier

Different areas of the nation hit their Mortgage Freedom Day at different times, due to the varying wages and mortgage sizes across the UK.

Halifax's figures show that new borrowers in Renfrewshire recorded the earliest Mortgage Freedom Day in 2015, back on 28th February.

In fact, eight out of the 10 earliest Mortgage Freedom Days this year are in Scotland, including North Lanarkshire and West Dumbartonshire. The remaining two are in Northern Ireland: Larne and Ballymoney.

Source: Halifax

The first local authority in England to record Mortgage Freedom Day is Swindon, Wiltshire on 8th April.

Here are the national averages:

Source: Halifax

Compare mortgages with loveMONEY

More on mortgages:

The best tracker mortgage rates

The best fixed rate mortgages

What’s my Standard Variable Rate?

How to remortgage