Based on the average annual mortgage repayment cost of £8,039 and the net average net annual income of £27,724, Halifax calculated today homeowners have earned enough to cover their mortgage for 2018. This is three days earlier than the date in 2017.

However, there’s a big divide of ‘Mortgage Freedom Days’ between homeowners in the North and those in the South. Northern Ireland’s day came in on 10 March while those in England, the day will fall on 9 May.

For Londoners, they have to wait until 13 June, while borrowers in the North, Yorkshire and Humber and the North West all reach Mortgage Freedom Day in March.

Halifax also looked at ‘Rental Freedom Day’ with those living in Northern Ireland the first to achieve ‘rental freedom’ this year (22 March), followed by the North (3 April) and Yorkshire and Humber (4 April).

Tenants in London have to wait nearly four months longer than those in Northern Ireland, not achieving ‘rental freedom’ until 18 July.

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Andy Bickers, mortgages director, Halifax, said: “Despite only a small shift, borrowers this year have on average earned enough to meet their mortgage payments for the rest of the year three days earlier in 2017 – a positive step considering a mortgage is often the greatest financial commitment we make in a lifetime.

“Homeowners are overall better off than renters, with ‘Rental Freedom’ Day falling more than two weeks later for the second year running. First-time buyers in particular are saving £900 a year buying a home than renting.

“The North-South divide remains when it comes to Mortgage Freedom Day, with homeowners in the North reaching mortgage freedom up to three months earlier than their southern counterparts.”