Daniel's Mortgage Story, an Interview with a Sprive Customer
Let’s start by discussing your mortgage journey. How has it been for you?
Daniel: My journey has been quite eventful. I began saving for a mortgage with my ex-partner for about a year. Then, in the middle of the COVID-19 lockdown, things moved slowly but without too many problems. However, when my ex and I separated, I agreed to keep the house, as she wanted to move in with her new partner near the coast.
That sounds like a big transition. What challenges did you face during this time?
Daniel: After the separation, my lender initially refused to remortgage the property in just my name, stating that it wasn’t affordable. For nearly six months, I was worried I might lose my house while fighting to get the mortgage solely in my name. It was a stressful time.
That sounds tough. How did you manage to resolve the situation?
Daniel: Thankfully, I had been a member of Sprive and had been overpaying my mortgage for several months. After discussing my situation with my lender’s complaints team and the mortgage team, they agreed that my overpayments showed affordability, and they allowed me to keep the same rate I had with my ex. However, they warned that this might change when my mortgage renews in October 2025.
How did it affect your perspective on homeownership?
Daniel: Honestly, I started to question whether owning a home and having a mortgage was worth it. The stress of the situation had a serious impact on my mental health. Since I’m covering my mortgage and bills on a single income, I don’t have much left for luxuries. I rarely go on holiday and have to save up for anything non-essential. While I could save more if I didn’t overpay on my mortgage, I’d rather tighten my belt now to be mortgage-free faster.
It’s great that you’re focusing on your goals. What’s your number one saving tip for others?
Daniel: My top tip is to shop around. The first price you see for something is rarely the best. Also, I always advise others to overpay on their mortgages when they can. I’ve even referred my brother to Sprive, although he hasn’t signed up yet! Your mortgage is your most important bill, so if you’re struggling financially, make sure that’s paid first, and everything else can be worked out later.
What does being a homeowner mean to you?
Daniel: For me, being a homeowner means freedom. I don’t have to answer to anyone about decorating or when I come and go. Having a mortgage means I need to be responsible with my finances to ensure it’s paid, but it also gives me that freedom.
If you were mortgage-free, what would you do next?
Daniel: I’d redirect that same money towards building a secondary income, either through buy-to-let properties or investments.
What is your number one financial goal?
Daniel: My primary goal is to have enough secondary income to reduce my work hours, giving me more time for myself and to spend with my daughter.
And how is Sprive helping you achieve your goals?
Daniel: Sprive is helping me get mortgage-free faster. One positive outcome I’ve seen is that my Loan To Value ratio has dropped below 65%, which has unlocked better deals for me when I renew next year. If I hadn’t been overpaying with Sprive, I would still be over that 65% next year.
