Getting started with Sprive
On the 2nd of October, Sprive publically launched. The team have been truly humbled by the press coverage and the number of people from across the country who have then gone on to download the app. With around 3,000+ app downloads within days, let’s just say the team at Sprive have been busy!
With our user base exploding in recent weeks, we thought it would be useful to do a deep dive on how to sign up with Sprive?
Step 1 – Select your mortgage lender
We currently support the following 10 lenders; HSBC, Lloyds, Barclays, Santander, RBS, Virgin Money, Halifax, Natwest, Yorkshire Building Society, and TSB Bank.
Don’t worry if we don’t support you right now, you can leave us your details and we’ll let you know when we can support you.
Step 2 – Verify your email
Here we just want to verify that you are a real person and that you’ve provided us a genuine email address that you have access to. Simply click on the link provided and that will take you back into the app.
Step 3 – Link your bank account
This is done for 3 reasons. Firstly for security purposes, it allows us to verify you are a real person with a UK bank account. Secondly, the connection with your bank, allows our algorithm to calculate how much money to set aside and to help make sure you have sufficient funds before we do an autosave. Lastly, it allows you to make seamless payments from your Sprive account. With one tap you can make payments to your lender, or if you need the money back, you can withdraw it back.
We often get asked what account I should link. As long as it’s a current account with a bank we support, we really don’t mind. For obvious reasons, our algorithm works best if you use your main current account. Please don’t try to link your mortgage account, it just won’t work!
You also don’t have to link a current account with the same bank your mortgage is with. Our tech is smarter than that!
Step 4 – Tell us a little about you
We hate to ask, but we need your full name, address, and date of birth. We do this to protect both you and us. Using the information provided, we’re able to verify your identity and with your permission get your mortgage details within seconds.
After all, if we don’t have access to your mortgage information, there’s not much we can do to help you save money on your mortgage and help you pay it off faster.
Step 5 – Select your mortgage
Here we just want to confirm back to you that we have found your mortgage and it’s important you select the mortgage that you want to pay off faster. We also ask you to confirm is a residential repayment mortgage.
Unfortunately at the moment, we can’t support buy-to-let, commercial, interest-only, and offset mortgages.
Step 6 – Set your monthly overpayment limit
Based on your mortgage, we’ll show how much you can save in terms of the years you can knock off and how much interest you could potentially save.
Your set minimum is the amount we will auto-save for you irrespective of your spending. We set the minimum limit at £25. We then ask you to select the maximum limit. This helps us to make sure in a given month, we never auto-save for you an amount that you’re not comfortable with.
This allows our algorithm to then work within a range set by you. If you’ve spent lots, we’ll auto-save something close to your minimum set. Where’s as in months where you’ve done a good job saving and spending less, we’ll auto-save closer to your maximum.
It is important to remember that have complete control of the amount you pay to your mortgage lender. If you need the money back, you have the option to withdraw any money we auto-save for you back to your bank account once the money has arrived in your Sprive account.
Step 7 – Complete onboarding
We explain to you how the app works and that you’re comfortable proceeding. Upon hitting ‘Done,’ we’ll set up your direct debit with your Sprive account.
The Sprive account is in your name and is stored and protected. Your money is never invested or loaned out and is safeguarded in accounts that keep your money separate from the money we use to run Sprive. You’re also protected by the Direct Debit Guarantee.
That’s it! You’re now ready to go and start your journey towards becoming mortgage-free, with Sprive.