Sprive, is urging anyone on a variable rate to take advantage of any potential cut by overpaying the difference.
Jinesh Vohra, CEO of mortgage overpayment app Sprive, said: “Around one in five (17%) mortgage holders are currently on variable rate mortgages, and if the Bank of England cuts the base rate tomorrow, their mortgage rate will drop as a result. And while it could be tempting to enjoy the lower monthly payments, those who can afford it should consider keeping their payments the same and using the saving to overpay their mortgage instead. Overpaying is one of the most powerful ways to become mortgage-free faster. Even small, regular overpayments can knock years off the term and save thousands in interest — helping mortgage holders reach financial freedom sooner, without stretching their budget.
“Sprive is a free mortgage saving app designed to help homeowners do just that. Do your everyday shopping with over 85 retailers through the app and earn money back you can pay towards your mortgage in one tap. Plus, its Auto Save feature analyses users’ spending and sets aside affordable amounts each week to overpay their mortgage.”
New analysis by Sprive of official Government housing data (see release below) reveals that one in nine first-time buyers are now aged 45+ – up from one in 27 four years ago, that two thirds of first time buyers will be paying their mortgages well into their 60s while one in 20 will be in their 70s, so anything homeowners can do to cut that term should be encouraged.
Christopher Lynch, 31, from Croydon, South London, started using Sprive in summer 2023 to help overpay on his £190,000 mortgage, which he took out at the end of 2022. By using the Shop with Sprive cashback feature—mainly for Deliveroo and Amazon orders—Christopher now spends an average of £30–£40 per week through the platform, earning rewards which go directly towards his mortgage. He also uses Sprive’s autosave feature to make additional monthly contributions of at least £50, adjusting depending on other costs like council tax and annual bills. He’s already managed to cut 2.5 years from his mortgage term and is hoping to save a total of 5–6 years if he keeps going.
Chris said: “I like Shop with Sprive! I think it’s efficient and it’s always proved reliable too. I mainly use it with Deliveroo or Amazon, especially for bigger purchases—probably spending about £30–40 a week on average. I’ve used Autosave too and found it clear and useful. Depending on financial constraints, I’ve always tried to pay in at least £50 a month, though that goes up and down depending on other pressures like council tax, annual bills or other costs. Really pleasingly, I’ve already saved 2.5 years off my mortgage and I’m on track to save a good 3–4 more years, hopefully.”
