Chris's Mortgage Story, an Interview with a Sprive Customer

What has your mortgage journey been like?

Chris: I got my first mortgage when I was 23. I bought a rundown flat that I couldn’t really afford, but it was too good of an opportunity to pass up. I’ve now had a mortgage for 17 years, and as everyone knows, it’s the cheapest way to borrow a large sum of money.

How long did it take you to save for your mortgage?

Chris: I didn’t save up anything before getting my mortgage. I came from a very poor family with no savings. I learned to play the credit card game at 19, taking out two cards and doing money transfers on 0% for 27 months to build my 10% deposit. It was risky, but a calculated risk since I only had to cover the minimum balance each month. I've worked in sales my whole life, so whenever I had a good payday, I would overpay significantly. There were no family handouts for me, so I had to do it all myself.

That’s impressive! Can you share a 'mortgage horror story' you faced?

Chris: We moved house two years ago and secured a fantastic deal for five years. However, we had two buyers pull out right before the exchange, which meant we lost that great mortgage deal. They were just serial viewers, wasting our time while we had a young family chasing a dream. Fortunately, another young family wanted to buy our house, but we had to switch to a tracker mortgage for a year, which was new for me. I learned a lot from that experience, and now I’ve managed to fix at a reasonable rate for two years.

Has Sprive helped you along your way having a mortgage?

Chris: Sprive has made it effortless to reduce my mortgage with overpayments while going about our everyday life. It’s been a huge help.

What has surprised you the most since getting your mortgage?

Chris: How easy it was once I was on the property ladder. I know many 40-year-olds who still rent by choice, waiting for house prices to drop. Living in the South of England, it's unlikely they will go down, especially as they wait for mortgage rates to return to 1%, which we won’t see for a long time. I have 25 years left on my term, which scares many people, but my house is worth £1.3 million, with plenty in equity. Some don’t realise they can downsize and buy a place outright. I stopped trying to convince people years ago, I only give advise to friends now.

How does having a mortgage affect your spending habits?

Chris: We have to budget each month, which definitely shapes our financial decisions.

How do you balance saving for the future while making mortgage payments?

Chris: It depends on the interest rates. If I can get a better return from savings, I’ll put money there; if the mortgage interest rate is higher, I’ll focus on overpaying the mortgage.

What’s your number one saving tip for someone about to get a mortgage?

Chris: I don’t have a specific saving tip, but it would probably be to make sure you’re living within your means and try and make simple cutbacks where possible like buying coffee out and getting takeaways regularly.

What does being a homeowner mean to you?

Chris: It means having a place I can call home, with no one else controlling it. As a parent, I value the stability that comes with homeownership. If I were renting, my landlord could give me two months' notice at any time.

If you were mortgage-free, what would you do?

Chris: I’d definitely go on holiday more!

And why are you using Sprive?

Chris: I use Sprive to help me become mortgage-free faster. It’s incredibly easy to use day-to-day, and it feels like they’re practically overpaying my mortgage for me without any extra effort.