UK loanees have been told that they could shave £300 off their mortgages after a dad saved thousands. Overpaying app Sprive says its Shop with Sprive feature could earn users more than £80 in cashback, which when “supercharged” – meaning compound interest is taken into account – is worth £280 in mortgage savings. It has cashback deals with more than 85 retailers, including supermarkets like Tesco, Morrisons, Asda, M&S, Primark, New Look, B&Q, Ikea, Costa, Harvester, Miller and Carter and Just Eat.
Darren Wood, 41, from Redcar is part of a family of five and has three kids. After cutting his mortgage by £3,000 and one year, he said: “I use Sprive when I’m doing my everyday shopping, and once I’ve built up around £25 in cashback, I use it to make an overpayment on my mortgage. It’s easy to use and actually quite fun, because I’m spending the same as I normally would, but still chipping away at my mortgage.”
“I have already started using Sprive for Christmas, so far I’ve used it in Primark and New Look and got cashback of £11.20 going towards my mortgage.
“I started using Sprive in 2023, and have already saved around £3,050 in interest and cut 1 year and 2 months off my mortgage term.”
Sprive CEO Jinesh Vohra said: “Shop with Sprive allows users to get one step closer to being mortgage free just by doing shopping they were doing already through the app.
“We don’t want to push people into spending more than they would otherwise – or at retailers they wouldn’t usually use – that’s why we’ve focused on partnering with brands that our customers are likely to use on a regular basis – the brands we support include Morrisons, Costa, Uber, Just Eat and Primark.
“Just by doing all the shopping you would usually do at Christmas through the app, you could earn £82. in cash back which, when supercharged, creates mortgage savings of £280.”
It comes as mortgage approvals dipped and savers shovelled more cash into their ISAs as rumours about various potential measures swirled in the run-up to the Budget.
The number of loans being approved for house purchase slipped back in October compared with the previous month, according to Bank of England figures.
Some 65,018 mortgages were approved for house purchase in October, the Money and Credit report said.
The figure was lower than 65,647 mortgage approvals for house purchase recorded in September, but higher than the 64,735 in August.
