It’s Meaningless Mortgage Stuff Day!
Notice anything different about today? Just an average Thursday, isn’t it? It’s not Black Friday, or Terrific Tuesday or Super Saver Saturday. Just an ordinary day.
Ha Ha – fooled you! Yes, the relentless trying-to-make-days-happen machine has been cranked up again, and today is MORTGAGE FREEDOM DAY!
Does that mean we don’t have to pay our mortgage and we can just sit in the park taking the air and kicking pigeons? Well, no. This particular day – made up by the Halifax – represents the day of the year when the average new borrower has earned enough to pay off the annual cost of their home loan. This is based on the average annual mortgage repayment cost of £6954, and the average earnings of £25603.
However if you live in London, you won’t get a mortgage freedom day until May 20 – or the end of time – depending on where you live.
Craig McKinlay, mortgage director at the Halifax says:
‘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, which is a reassuring thought.’
But nobody would be able to put everything they earn towards their mortgage anyway, because there are massive amounts of bills to pay. And is this really ‘a reassuring thought’? Or is it just a random and entirely hypothetical load of billy bollocks to try and allay our fears about the housing bubble?
There’s not even a cake or balloons. GO AWAY MORTGAGE FREEDOM DAY. YOU SUCK.