Mortgage Freedom Day for the average UK homeowner

Mortgage Freedom Day is April 16, 2018 in the United Kingdom. On this day, the average homeowner has made enough to pay the mortgage for the entire year. Ideally, the mortgage will be paid and from this point on to the end of the year paychecks will be purely take home or used to pay other debts. While ideal, Mortgage Freedom Day is not guaranteed mostly it depends on the terms of each individual’s mortgage

Key Takeaways:

Before you buy your home do lots of research on loans.
There are different types of loans and different hidden issues that some of them have that can cause problems later on.
You do have options like refinancing your loan to save you money.

“Whenever you take out a mortgage, check for things like repayment penalties and lock-in periods, to make sure you won’t be forced into a costly period stuck on an SVR.”