Saturday was UK Mortgage Freedom Day
The result is based on the average annual repayment cost of £7,567 and the amount the typical borrower makes in a year – £25,588.
Craig McKinlay, mortgage director at Halifax, said: “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.
“Our research shows that today, if people had put everything they’d earned since the start of the year towards their mortgage, the average homeowner would be mortgage free for the remainder of the year.”
This year’s Mortgage Freedom Day occurred eight days later than last year (18 April compared to 10 April 2014) due to a £15 drop in annual income and a £613 increase in the average mortgage repayment cost.
Eight of the first 10 regions to reach Mortgage Freedom Day were in Scotland, such as in North Larnarkshire (28 February) and West Dunbartonshire (1 March).
The remaining two were in Northern Ireland in Larne (2 March) and Ballymoney (5 March).
The first local authority in England to record Mortgage Freedom Day was in Swindon, Wiltshire (8 April).