Being mortgage-free is a dream for many of us. But it can often seem impossible to make extra payments on your mortgage. Enter Sprive – an app that can take the stress and complication away from paying off your mortgage balance off earlier. This free app uses smart technology to help users reach their goal of being mortgage-free quickly. By making regular mortgage overpayments, users are saving significant amounts of money in the long run thanks to Strive!
About Sprive
Sprive is an app that uses artificial intelligence (AI) to help you set aside spare cash for making one-tap mortgage overpayments. It was founded by former Goldman Sachs banker, Jinesh Vohra, who recognised the challenges homeowners face when trying to overpay their mortgages.
The app provides an intuitive platform that not only calculates how much you can afford to overpay but also facilitates the transfer of these funds to the mortgage lender. This eliminates the hassle of manually figuring out how much to set aside and streamlines the overpayment process.
Here are the features of Sprive:
- Intelligent Analysis: Using complex algorithms, Sprive assesses your financial activities – income and spending habits – to determine a safe amount that can be comfortably overpaid on the mortgage without impacting your lifestyle.
- Mortgage Freedom Goals: The app allows you to set a goal, a ‘mortgage freedom’ date that you can aim for. This is motivating and turns the dream of being mortgage-free into an achievable target.
- Automated Savings: Sprive automatically earmarks funds for overpayment each month. It does this by analysing the buffer in your spending and setting money aside, so you won’t even miss it.
- Direct Payments: With each calculated overpayment, Sprive facilitates secure transactions directly to your mortgage lender. If you need that extra cash for a rainy day, just opt it withdraw it back to your bank account.
- Market Watch: Sprive compares your mortgage deal daily, letting you know if there’s a more cost-effective option available, so you get on the best possible deal.
- Progress Tracking: The visual progress indicators within the app provide a clear picture of your mortgage landscape – from the growing percentage of your home that I own to the dwindling debt, and the forecasted timeline to pay off.
How Does Sprive Work?
Sprive uses cutting-edge AI technology. The app connects to a chosen bank account and analyses your spending patterns to determine how much “spare cash” can be set aside each month for overpayments. You can then decide to use this money to make regular overpayments. If you need a bit of extra money that month, you can opt to put it back in your bank account.
Setting Up Sprive
Getting started with Sprive is easy. You need to sign up using your email address and connect your chosen bank account to the app. This bank account is where Sprive will draw funds from for the overpayments.
Next, you must add your mortgage details to the app. Sprive supports a wide range of lenders, including well-known names like Lloyds, Barclays, Santander, RBS, Virgin Money, Halifax, Natwest, and Yorkshire Building Society, among others.
After setting up your account, you can set their overpayment parameters, which gives you control over how much you want to set aside each month. Sprive will then automatically save this amount and hold it in your Sprive account.
Making Overpayments with Sprive
Once the auto-savings have accumulated to a substantial amount in the Sprive account, you can review the total and decide how much to pay to your lender. This gives users the flexibility to control their overpayment amounts and timings. It also ensures that you don’t accidentally exceed any overpayment limits set by your mortgage provider.
Sprive’s Cashback Feature
As well as helping you make overpayments, Sprive also has an in-app cashback feature. This feature allows you to earn rewards when you purchase gift cards for selected retailers through the app. The cashback earned from these purchases can then be added to the user’s overpayments, increasing their savings. This is great as you can earn cashback on your everyday shopping!
You can get cash back on the following:
- John Lewis
- Primark
- Uber
- Morrisons
- M&S
- Waitrose
- WHSmiths
- Halfords
- Ikea
- Deliveroo
- Just Eat
It’s worth noting that while this Sprive feature adds value, it may not always offer the best rates compared to other cashback platforms. Always compare rates before deciding where to make your purchases.
Sprive’s User-friendly Support and Safety Measures
Team Sprive has great customer support. The support team is always ready to help users with any issues or queries they may have.
In terms of safety, Sprive has implemented stringent measures to protect user data. The app is regulated by the Financial Conduct Authority, ensuring that it adheres to high standards of security and data protection.
Benefits of Using Sprive
It’s not hard to see the benefits of using Sprive. Here are some of the best ones:
- Save Money: You will shave years off your mortgage term and save thousands in interest. You won’t believe how much interest you’ll save!
- Get the best deal: Sprive’s daily market watch scans over 20,000 mortgage rates from more than 90 lenders, to make sure you’re on the best deal.
- Cashback Incentives: Earn cashback through selected retailers which directly contributes to your mortgage overpayments.
- Referral Rewards: Earn £25 for every trio of successful referrals.
Final Thoughts on Sprive
Sprive is a great app that is changing the way homeowners manage their mortgage overpayments. With its smart technology, user-friendly interface, and excellent customer support, Sprive is making it easier for users to save money on their mortgages. The whole process is really easy!
Whether you’re struggling to figure out how much you can afford to overpay or just looking for a simpler way to manage your mortgage overpayments, Sprive may be the solution you’ve been looking for. So why wait? Give Sprive a try and see how it can help you save money on your mortgage and get closer to financial freedom and a mortgage-free life!
FAQs
- How secure is Sprive when handling my financial data? Sprive uses bank level security to manage savings and overpayments. They are FCA registered to ensure top-notch protection.
- Will setting aside money with Sprive affect my daily budget? The app only sets aside money that you can afford without impacting your lifestyle significantly. It also intelligently ensures you won’t auto-save when in an overdraft.
- How does Sprive make money? Sprive is free to use. It makes money through the remortgage feature. If you use Strive to remortgage and get a better deal with a lower interest rate, they get paid a commission when you switch to a new deal just like a mortgage advisor would.
- What mortgage lenders does Sprive work with? Sprive is only available in the UK and currently works mortgage accounts with Nationwide, First Direct, HSBC, Lloyds, Barclays, Santander, RBS, Virgin Money, Halifax, Natwest, Yorkshire Building Society, Coventry Building Society, and TSB Bank.
Related posts: