Lots of people would like to know the answer to this question: can you pay off a mortgage early UK? The truth is that paying off a mortgage can take a lifetime. But, did you know where you live can affect how long it takes to pay it off? We’ve looked at the average house price and average salary in every major town and city in the UK. From there, the average number of hours to pay off your mortgage by region and city has been worked out.
We reveal where you will need to work the most, or least, to pay off your mortgage (if you put down a 15% deposit). Let’s take a look!
How long does the average mortgage take to pay off? (by region)
This research doesn’t simply explore the cheapest places to buy a house, but a number of different factors. This includes the average earnings per hour and average mortgage amount.
Bad news for those who live in the South East, South West, or East of the UK. You’re likely to need to work twice the number of hours to pay off your mortgage than those who live further North.
| Rank | Region | Average Earnings Per Hour | Average House Price | Average Deposit (15%) | Average Mortgage Amount | Average Hours to Pay Off Mortgage | Average Number of Work Days (8h) |
| 1 | London | £21.19 | £544,113 | £81,617 | £462,496 | 21,826 | 2,728 |
| 2 | South East | £16.99 | £403,515 | £60,527 | £342,988 | 20,188 | 2,523 |
| 3 | East | £15.73 | £362,197 | £54,330 | £307,867 | 19,572 | 2,446 |
| 4 | South West | £15.44 | £336,583 | £50,487 | £286,096 | 18,530 | 2,316 |
| 5 | East Midlands | £14.75 | £252,982 | £37,947 | £215,035 | 14,579 | 1,822 |
| 6 | West Midlands | £15.46 | £253,864 | £38,080 | £215,784 | 13,958 | 1,745 |
| 7 | Wales | £15.13 | £223,798 | £33,570 | £190,228 | 12,573 | 1,572 |
| 8 | Yorkshire & the Humber | £14.54 | £212,593 | £31,889 | £180,704 | 12,428 | 1,554 |
| 9 | North West | £15.19 | £219,005 | £32,851 | £186,154 | 12,255 | 1,532 |
| 10 | Northern Ireland | £14.79 | £176,131 | £26,420 | £149,711 | 10,122 | 1,265 |
| 11 | Scotland | £16.60 | £191,941 | £28,791 | £163,150 | 9,828 | 1,229 |
| 12 | North East | £14.66 | £163,768 | £24,565 | £139,203 | 9,495 | 1,187 |
In which regions can you pay off a mortgage early UK?
Topping the chart, unsurprisingly, is London. Those who get their foot on the property ladder in the capital will need to work an average of 12,331 hours more than those in the North East of the country to pay off their mortgage.
The South East in general has much higher house prices, £403,515 on average. So, while average wages might be higher than in Northern Ireland (for example), the time needed to pay off the loan is dramatically increased due to these high prices.
Meanwhile, Scotland boasts high average earnings per hour along with more affordable house prices, meaning it sits towards the bottom of the list.
Paying off a mortgage early by UK city
Let’s break this down further – by looking at specific cities. There are some cities in the UK where you’ll need to spend much longer working in order to pay back your mortgage loan. We’ve picked a city from each UK region above and have taken the average house price per city to work out the average hours to pay off a mortgage. So, what UK cities require the least hours of work to pay off a mortgage?
| Rank | Town/City | Average House Price | Average Deposit (15%) | Average Mortgage Amount | Average Hours To Pay Off Mortgage | Average Number of Work Days (8h) |
| 1 | City of London (London) | £847,054 | £127,058 | £719,996 | 33,978 | 4,247 |
| 2 | Oxford (South East) | £553,815 | £83,072 | £470,743 | 27,707 | 3,463 |
| 3 | Cambridge (East) | £493,206 | £73,981 | £419,225 | 26,651 | 3,331 |
| 4 | Bristol (South West) | £378,344 | £56,752 | £321,592 | 20,829 | 2,604 |
| 5 | Cardiff (Wales) | £286,349 | £42,952 | £243,397 | 16,087 | 2,011 |
| 6 | Birmingham (West Midlands) | £236,600 | £35,490 | £201,110 | 13,635 | 1,704 |
| 7 | Nottingham (East Midlands) | £240,024 | £36,004 | £204,020 | 13,197 | 1,650 |
| 8 | Newcastle upon Tyne (North East) | £224,777 | £33,717 | £191,060 | 13,033 | 1,629 |
| 9 | Liverpool (North West) | £199,403 | £29,910 | £169,493 | 11,158 | 1,395 |
| 10 | Glasgow (Scotland) | £209,072 | £31,361 | £177,711 | 10,705 | 1,338 |
| 11 | Belfast (Northern Ireland) | £163,942 | £24,591 | £139,351 | 9,422 | 1,178 |
| 12 | Bradford (Yorkshire & the Humber) | £149,507 | £22,426 | £127,081 | 8,740 | 1,093 |
UK cities to pay off a mortgage early
In conclusion: it’s much easier to pay off a mortgage in the North of the UK.
Top of the class is Yorkshire & the Humber, where you won’t just find distinguished and rich British history. The average amount of hours needed to pay off a mortgage is 8,740 which is the lowest according to this research. Here, it’s not only easier to save for a mortgage, but also to pay it back.
Also nestled nicely on this list is Glasgow, known for being one of the cheapest places to live, thanks to a good affordability ratio.
At the bottom of this list, is the City of London, where you’ll spend an average of 33,978 working hours to pay off your mortgage. Closely followed by Oxford, where you’ll need to spend around 27,707 working hours paying off your mortgage.
For those thinking ‘can you pay off a mortgage early UK?’ and where to buy, this is handy information. Of course, it’s not the be-all and end-all – but it’s an eye-opener into just how much of a commitment having a mortgage is.
There are many other factors that should determine where you buy, as you can change many things about a property, but not its location. A property report can uncover essential information about a specific property and its area. It’s a good idea to get one before you buy.
Tips to pay off your mortgage quicker
It isn’t just down to your area alone. From interest rates to how clever you are with your savings, many things will impact just how long you’re paying your mortgage back for.
While it may not be possible to follow all of these, here are some tips that could help you pay back your mortgage quicker:
- Save a higher deposit
- Make a lump sum payment (e.g. if you come into some money)
- Slightly overpay on your mortgage each month
- Pay off any debts before getting a mortgage, such as credit card bills. This can help you secure a better deal
- Aim to save at least 3 months’ salary beforehand
- Shorten the length of your mortgage (if you can afford the higher monthly repayments)
Of course, find a lender you can trust. We can connect you with the right people to help you buy a home. Get a free mortgage quote below.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Last Updated: December 8th, 2022
