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Paying Off The Mortgage For A Year Takes 103 Days

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http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/9991376/Paying-off-the-mortgage-for-a-year-takes-103-days.html

It might seem a long time since New Year’s Day, but it has taken since then for the average new homeowner to earn enough to pay off their mortgage.

Mortgage company Halifax has calculated that Saturday, the 103rd day of the year, is the point at which the average new homeowner – covering both first-time buyers and those who have moved – will have earned enough to pay off the annual cost of their mortgage. For those who rent, the equivalent date arrives nearly a month later, on May 12.

Craig McKinlay, mortgage director at Halifax, said: “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 with a mortgage.

“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.”

I have a warm fuzzy feeling....

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Strange that a bank would be openly advertising how much it is sucking you dry of financial blood. Anyway, add on several more months for paying tax and hopefully by December 31st we'll be able to spend our money on enjoying ourselves!

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Tax Freedom Day is 134 days into the year according to wiki. Add that to your Mortgage Freedom Day means that the average Brit doesn't personally benefit from their labours (if it's an IO) until the 237th day of the year (August 25th).

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Based just on my income my figure is 78 days. Add the wife's income and its about 52 days. And I think our mortgage is big (about twice what I'd feel very relaxed about). If I had the mortgage some of my colleagues have I wouldn't sleep at night, I really wouldn't.

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Tax Freedom Day is 134 days into the year according to wiki. Add that to your Mortgage Freedom Day means that the average Brit doesn't personally benefit from their labours (if it's an IO) until the 237th day of the year (August 25th).

But mortgage interest payments are covered by house price inflation.. its those who have to rent for life who are the real slaves.

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Tax Freedom Day is 134 days into the year according to wiki. Add that to your Mortgage Freedom Day means that the average Brit doesn't personally benefit from their labours (if it's an IO) until the 237th day of the year (August 25th).

Only if you count not owning as not personally benefiting. If you just take into account mortgage interest then the picture is somewhat different.

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For those who rent, the equivalent date arrives nearly a month later, on May 12.

However I expect if you limit it to people under 40, those who rent are getting a lot more house for their money than those who bought.

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Tax Freedom Day is 134 days into the year according to wiki. Add that to your Mortgage Freedom Day means that the average Brit doesn't personally benefit from their labours (if it's an IO) until the 237th day of the year (August 25th).

Except that you are benefiting from having a roof over your house, getting gas/electricity/water piped to your door, having your rubbish taken away and a myriad other benefits most people wouldn't like to do without.

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Except that you are benefiting from having a roof over your house, getting gas/electricity/water piped to your door, having your rubbish taken away and a myriad other benefits most people wouldn't like to do without.

Try thinking about it in marginal terms. If you didn't work, you would get most of these things anyway courtesy of benefits and universal public services like health and education.

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http://www.telegraph...s-103-days.html

I have a warm fuzzy feeling....

Doesn't say how long the mortgage term is - makes a hoooge difference to monthly payments

Does their payment include the Xtras like

compulsory building insurance (already included in rent)

upkeep bills etc etc

25-30 yr risk of being thrown out of place you dont own by bankers :)

?

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  • 242 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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