20 reasons to remortgage with Sprive
The main reason why homeowners join Sprive is to pay off their mortgage faster and save interest. Another important way to do this is actually making sure you make the right decisions when it’s time for you to remortgage.
With interest rates rising quickly, there’s never been a more important time to get this right. In August 2022, Sprive launched its mortgage switching feature. We’ve been getting amazing feedback from our customers and here are just 20 reasons why switching mortgage with Sprive is a no-brainer.
1. Live personalised deals – just by hitting ‘live deals’ within the app, you can see the latest deals in the market based on your existing mortgage. Unfortunately, when switching mortgage lenders need to know a lot about your finances. With our smart technology, we’re able to source a lot of this information for you so that we show deals that are relevant to you.
2. Scan the whole market every day – the mortgage market is moving quickly, with new deals coming on and off the market. We compare your mortgage automatically across 20,000+ mortgage deals and 90+ lenders every day to help you get the right deal for you. This isn’t something a comparison site or a traditional advisor can do for you.
3. Make payments on your new mortgage – to ensure you can continue to make overpayments hassle free on your new mortgage you need to switch with Sprive. Unfortunately, if you decide not to, frustratingly it can take your lender up to two months to tell us about your new mortgage and you’ll need to get in touch with our customer support team.
4. Say goodbye to early repayment charges – say goodbye to spreadsheets and having to look through your mortgage offer document to understand any penalties associated with your new mortgage. Our technology crunches through the numbers to give you that extra peace of mind.
5. Finding better deals within your deal period – one of the benefits of making overpayments is that it increases the chances of unlocking cheaper deals as you get below the next loan-to-value threshold. Once you switch with us, we’ll crunch the numbers every day and let you know if you’re ever better off financially to switch early and pay the early exit penalties.
6. Switching at the right time – we all live busy lives and it’s easy to forget when your mortgage deal expires. FCA research actually shows that 1 in 4 homeowners don’t actually switch on time and as a result end up paying their lender more interest than they should. Sprive will remind you via the app when you’re eligible to switch so that you can lock in that great deal as soon as it becomes available.
7. Fill in less paperwork – traditional advisors will start the conversation off with a ream of questions which includes: tell us about your existing mortgage, your spending, your credit commitments, and your property. With our smart technology, we know a lot of this already and with the help of expert advisors we’ll do a lot of the heavy lifting for you so you save money and time.
8. Access to vetted experts via the app – we’ve combined smart technology with expert advice. Homeowners typically judge mortgage advisors on their communication skills and their responsiveness rather than what really matters which is getting the cheapest deal. The FCA highlighted that failing to choose the right mortgage deal can cost homeowners £400 a year.
9. Book an appointment in seconds – you can book an appointment with a regulated advisor at a time that suits you hassle-free via the Sprive app.
10. Automatically monitor overpayment allowance – most lenders allow you to overpay up to 10% on your outstanding balance a year. Once you switch with us, we’ll be able to track how much of your allowance you’ve used automatically for you via the app. No longer do you need to worry about being hit by an expected charge.
11. Switching with your lender in no time – you might have decided that there is a deal that you like with your existing lender. Not to worry, just book an appointment with an expert within the app and within one call we’ll be able to make it happen.
12. Get FSCS protection – by getting a mortgage via Sprive, you’ll get protection from the UK regulator should anything ever get wrong. This is irrespective of whether you switch with your existing lender or a new lender. Switch directly and you lose out on that protection.
13. Exclusive deals – we have access to expert advisors who can give you access to deals that you can’t find direct and you will not find on a comparison site. Not getting the cheapest deal can cost you a lot of money. You can avoid that being you just by taking 30 seconds to book that appointment via the app.
14. Overpayments-led advice – our customers at Sprive are generally here because they don’t want to spend the next 25 to 40 years paying off their mortgage. Switching mortgage is a great time to look at how you can shed years off and save even more interest. For example, within the app, we show you deals that allow you unlimited overpayments and we know which lenders don’t allow overpayments. We’re experts in this space like no other and we’ll help you implement the right strategy so you can save more.
15. Support new lenders – we currently support 12 lenders from a mortgage overpayments standpoint. From a switching standpoint, we cover the entire market across 90+ lenders. Don’t worry, if the right deal for you is from a lender that we don’t actively support. If you switch with us, our team we’ll do our best to help you make mortgage overpayments on your new mortgage even if it’s a lender we currently don’t actively support.
16. Get Income protection – if you lose your job or fall sick then you may no longer be able to afford to make your fixed mortgage payments. In recent years we’ve seen the pandemic, a cost of living crisis, and a looming recession to contend with. If you would like to have peace of mind then you can discuss this when you book an appointment with an expert via the app.
17. Support us – we want to keep Sprive free for our customers. When you switch with us, we’re paid a commission from your mortgage lender. It’s this that helps us keep the lights on and allows us to add more amazing features designed to help you pay your lender less interest and become mortgage free, faster.
18. Secure and safe – there is a lot of sensitive data about your personal finances that you need to share when you remortgage. There aren’t many mortgage advisors out there that use symmetric cryptography (AES) and 256-bit encryption to keep your data safe. Get peace of mind. Security is at the core of everything we do.
19. It’s completely free – you get access to the smart switching service and expert advice at your fingertips at no cost to you.
20. Our customers love it – we’ve received amazing feedback. Some of our customers have even been in touch and have been willing to share their experience with National Newspapers like The FT, The Times, and Daily Mail.