Homeowners are continuing to make regular overpayments despite mortgage rates remaining above 4%, with new analysis of more than 44,800 Sprive users showing borrowers are putting between £408 and £732 a year towards reducing their mortgage debt faster.
The data shows that even relatively small overpayments are delivering significant long-term savings, with users benefiting from reduced interest costs and shorter mortgage terms.
Londoners are making the largest overpayments, averaging £61 a month (£732 a year). On a typical mortgage balance of £307,495 and an average rate of 4.07%, this is on track to save £12,660 in interest and cut 18 months off a 25-year mortgage term.
The benefits are also clear for homeowners making more modest overpayments. In Wales, where users overpay an average of £34 a month on a typical balance of £168,058 at a rate of 4.23%, borrowers are on track to save £7,320 in interest and become mortgage-free 18 months earlier.
Average mortgage rates, balances and overpayments among homeowners using Sprive
| Region | Average mortgage rate | Average monthly payment | Average mortgage balance | Average monthly overpayment | Average annual overpayment |
| London | 4.07% | £1,622 | £307,495 | £61 | £732 |
| East of England | 4.08% | £1,282 | £240,701 | £43 | £516 |
| South West | 4.07% | £1,123 | £208,625 | £42 | £504 |
| South East | 4.09% | £1,332 | £248,701 | £41 | £492 |
| Northern Ireland | 4.31% | £812 | £137,933 | £40 | £480 |
| West Midlands | 4.20% | £1,041 | £188,471 | £38 | £456 |
| North West | 4.25% | £980 | £174,041 | £38 | £456 |
| East Midlands | 4.14% | £1,022 | £185,742 | £36 | £432 |
| Scotland | 4.34% | £941 | £165,164 | £36 | £432 |
| Yorkshire & Humber | 4.19% | £947 | £169,735 | £35 | £420 |
| North East | 4.26% | £871 | £154,928 | £34 | £408 |
| Wales | 4.23% | £934 | £168,058 | £34 | £408 |
Across the UK, the average Sprive user is now on track to save around £8,000 in interest and become mortgage-free 17 months earlier by consistently overpaying.
These gains are being driven by changing repayment behaviour, with many users making mortgage overpayments through Sprive’s Auto Save feature, which uses AI to automatically adjust overpayment amounts within pre-set minimum and maximum limits. The tool increases overpayments when spending is lower and reduces them when household budgets are tighter.
Users are also ‘earning’ their overpayments through Shop with Sprive, which rewards users for everyday spending at retailers including Tesco, Sainsbury’s, Asda, M&S and Waitrose, allowing them to reduce their mortgage balance without any additional out-of-pocket cost.
For example, a family spending £500 a month on groceries through Sprive could save £5,770 in mortgage interest and become mortgage-free seven months earlier – without spending a penny extra.
“Many homeowners underestimate just how much of a difference even small overpayments can make. Because mortgage interest compounds over time, every pound used to reduce the balance today means less interest paid tomorrow.
Overpayments of just £30 or £40 a month can save thousands of pounds and knock months, or even years, off a mortgage term. The average Sprive user is on track to save around £8,000 in interest and become mortgage-free 17 months earlier.
For many households, finding extra money each month isn’t easy. That’s why we’ve built features that help people overpay in a way that works with their budget, including earning cashback from everyday spending and automatically adjusting overpayments when finances are tighter.”
Jinesh Vohra, CEO of Sprive
