What is Mortgage Freedom Day?

Posted on 11th May 2019

Mortgage Freedom Day may not seem a likely part of your usual list of celebrations within your diary for this year, however, MG Legal’s property team can explain why you may want to note this date in red pen with stars and circles around.

16th April was officially deemed Mortgage Freedom Day of 2019. Mortgage Freedom Day essentially means that borrowers have reached the point in the year where they have earned enough money to cover their mortgage payments for the year.

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With mortgage payments being, in many cases, the largest outgoing of our bank accounts on a monthly basis, you can see why MG Legal felt this worthy of a celebration. Whilst saying goodbye to those mortgage payments from your monthly wage may not seem like a celebration, Mortgage Freedom Day puts into perspective just how long we have to work to be able to cover the same. Andy Bickers, a Halifax mortgage director comments that “If every penny earned this year went towards their mortgage, today would be the day that the average UK borrower could celebrate paying off their mortgage for the year.”

16th April was the celebratory date for 2019, however, since 2014 there has been little change in this. Year to year the date has differed in just six days, therefore, showing that there has also been little change in affordability of making mortgage payments. Taking into consideration various economical factors that go on to make our markets fluctuate, MG Legal found this somewhat surprising.

This highlights the importance of ensuring, when purchasing a property, your mortgage advisor achieves you the best possible deal in terms of your mortgage. Once this has been sorted, MG Legal’s property team take the reins and proceeds with the necessary legal work for the purchase. This does include reviewing the terms of your Mortgage Offer and, whilst we are no financial experts or advisors, we too want to ensure that you are able to celebrate Mortgage Freedom Day.

Although we are in April, this is no April Fool! If you are in a position where you have a mortgage agreed and are purchasing a property contact MG Legal’s conveyancing solicitors in Preston today at enquiries@mglegal.co.uk for friendly and honest assistance.