Do you want to pay off your mortgage faster and save money on interest costs? Sprive app claims to make the process easier for you.
Below, we’ll discuss the Sprive app, how it works and how it can help you make regular overpayments on your mortgage.
What is Sprive?
Sprive is an independent app that was founded by Jinesh Vohra, a former Goldman Sachs banker. He was inspired to create the app because of the difficulties he faced when trying to overpay on his own mortgage.
He found the process confusing and time-consuming, so he decided to create an app that would make the process simpler and easier.
How Does Sprive Work?
The app calculates the overpayments that a user can afford each month and pays them directly to the user’s bank. If the bank has a minimum threshold for overpayments, Sprive can keep the funds in a holding account until the threshold is reached.

The app also provides the user with a running total of their home ownership percentage, their total debt amount, and the timescale for paying it off.
Sprive works similarly to money-saving apps like Moneybox and Plum. Users will need to link their bank account to the app and agree to share their spending data, as well as details of their mortgage account.
Users can choose a minimum and maximum limit each month, and the app will use AI technology to determine how much to pay. The amount can be adjusted if desired.
How Can Sprive Help You?
The Sprive app gives users a clear picture of how long they have to pay off their mortgage and how much interest they could potentially save by paying early. The app’s algorithm looks at the individual’s spending and determines how much to pay based on what the user can afford.
If the user has splurged that month, the app will take the minimum amount, but if they have saved more, it will take the maximum.
While users can elect to have the money leave their account automatically, the default setting is for them to manually approve the payment first.
Is Overpaying Your Mortgage Right for You?
While overpaying your mortgage can help you become mortgage-free more quickly and save money on interest costs, there are other financial considerations to take into account.
For example, do you have other debts that need to be paid off? Do you have an emergency savings buffer? It’s important to consider these factors and determine if overpaying your mortgage is the right choice for you.
You should also be aware of any early repayment charges imposed by your lender, as well as the impact of inflation on your future mortgage amount. It’s important to weigh the pros and cons and make an informed decision based on your individual circumstances.
Is Sprive Right for You?
Sprive is a free app that is regulated by the Financial Conduct Authority (FCA). It is not providing financial advice, but rather giving borrowers the tools to better understand their mortgage and make informed decisions on whether to overpay.
The app currently works with HSBC, Lloyds, Barclays, Santander, RBS, Virgin Money, Halifax, Natwest, Yorkshire Building Society, Accord Mortgages and TSB Bank. Users will need to be aware of any restrictions on how much they can overpay.
In conclusion, if you’re considering overpaying your mortgage, the Sprive app can make the process easier and provide you with the information you need to make an informed decision.