Joint Mortgage? - Here's how you can save more!
With house prices in the UK rising over time, it’s probably unsurprising that the majority of homeowners have joint mortgages. With February being the month of love and friendship, we thought it would be a good time to highlight the benefit of using Sprive with your loved one to pay off their mortgage faster.
What’s the advantage of tackling the mortgage together?
We have hundreds of couples with joint mortgages who are both using the Sprive app to chip away at their mortgage so they can save more interest and get one step closer to paying off their mortgage faster. Couples who are paying off their mortgage faster with us are on average likely to save £5,550 more in interest and pay off their mortgage 2 years and 2 months earlier compared to users who are going at it alone.
With two people in the household, regularly putting a little extra towards the mortgage, it’s incredible how much of a difference this can make.
What if your partner isn’t in a position to put extra money toward the mortgage?
Not to worry, you can always ask your partner to set up their Sprive account and put auto-saving on indefinite pause. But they can still make usre of the Shop with Sprive feature which can be found under ‘Rewards’ they can make a significant difference. This is the feature that earns you extra money just by doing your regular shopping with the Sprive app. We’ve already partnered with some amazing brands such as Morrisons, M&S, Waitrose, Argos, Primark, Deliveroo and we’ll soon be adding Asda and Sainsbury’s to the offering. Watch this space!
Is it worth it? - Meet Max and Stephanie
They’re a couple from London, who have a £210k mortgage with an outstanding term of 26 years. Max first started using the app about 9 months ago and soon Stephanie joined him. They’ve now both been using the Sprive app for over 6 months.
Max can put in an extra £112 a month on average and Stephanie is available to put an extra £187 a month towards the mortgage.
When Max was using Sprive solo, they were on track to save £10,890 and pay off their mortgage 3 years and 9 months earlier. With Stephanie also helping they’re now on track to save £22,980 and pay off their mortgage 8 years and 1 month earlier. That’s an extra £12,090 in savings which they expect to increase in light of mortgages getting more expensive as a result of rising interest rates.
How to invite your partner to Sprive?
Tell your partner to head to the app store to download the Sprive app. Just for the month of February, we’re offering partners £15 towards their mortgage when they enter the promo code LOVEFEB when they’re setting up their secure account.