Paying off your mortgage for a year takes 103 days

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.”