Most homeowners won’t be mortgage-free until well into their 60s but there is a way you can pay it off early and save thousands in interest according to one British mum who is doing just that
A mum from Hertfordshire has found a new, easy way to pay her mortgage off 11 years early and save a staggering £125,833 in interest payments in the process. And the best bit is she doesn’t feel like she’s having to work extra hard to do it.
Rebecca Nicholl, 33, from Hertfordshire has been following financial influencers on social media and has come across a really good tip that is making a huge difference to her family’s finances. The mum of two young children has found a way to overpay the family’s mortgage without making too much effort.
And it’s so easy anyone can do it.
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Rebecca, who works in digital marketing, says: “Money is tight for a lot of people right now, so this was a no-brainer for me.
“We’re all told home ownership is the goal, but no one talks about the real cost of a mortgage that the interest rates add on. Anything I can do to cut overpaying for anything in this life, and to give me financial freedom for my family, I will do!”
After seeing influencers recommend it, Rebecca started using Sprive – a free app that uses AI to set money aside to help overpay your mortgage – by looking at an individual’s spending patterns. The app also includes Shop with Sprive, which enables users to earn cashback just by doing their normal shopping – and the free money they earn goes straight towards overpaying their mortgage.
She overpays using the AI function and uses Shop with Sprive to do her weekly food shop and also spends between £20 to £30 a week at other retailers through the app. She is on track to save £125,833 on her mortgage and pay it off 11 years 4 months early.
And the best bit? Just from the shopping part – no extra money being put aside by her – she is currently on track to save £28,350 in interest and take two years, five months off her mortgage. Shop with Sprive has cashback deals with more than 60 retailers, including supermarkets like Morrisons and Asda, high-street fashion and home stores including M&S, Primark, New Look, B&Q and Ikea, as well as food outlets like Costa and Just Eat.
How to pay off your mortgage sooner – expert tips from Sprive CEO Jinesh Vohra
- Make overpayments while doing your everyday shopping
- Put spare cash toward your mortgage when possible
- Make sure you’re on the best mortgage deal
- Shorten your mortgage term if you can afford to
- Consider remortgaging early if interest rates drop
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