Mortgage freedom day is calculated as the date when the average borrower has paid off their annual mortgage payments.

This year that day came on April 18, eight days later than in 2014.

Halifax said rising house prices and static wages across the country had contributed to this slowdown.

The report was based on an average annual mortgage repayment cost of £7,567 from a typical net annual income of £25,588.

The typical mortgage repayment grew £613 in the last 12 months.

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There were vastly differing results across the country with North Larnarkshire in Scotland reaching mortgage freedom day on February 28. Eight of the top 10 areas were in Scotland.

On a national basis, the typical property in Northern Ireland reached mortgage freedom day on March 19, in Scotland it was March 22 and Wales was typically April 13.

Borrowers in England took longest, with the typical mortgage freedom day being reached on May 18.

Craig McKinlay, mortgage director at Halifax, said: “While monthly mortgage and rental costs account for the majority of many people’s household budgets, mortgage freedom day provides a different perspective on how much we spend on these costs over the course of a year.

“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.”