Frequently Asked Questions

What is Sprive?

Sprive is a free app that helps you become mortgage free faster and save in interest. Use Sprive for your everyday shopping and earn money back that you can pay towards your mortgage in one tap.

You can use Sprive on ios or Android.

How does Sprive work?

Simply download the app and sign-up with your email address to get started
Do your everyday shopping through the app by purchasing a digital shopping card for your chosen brand to earn instant money back to pay your lender in one tap
Use your shopping card to pay for your shop either in store or online
Turbo charge your savings with autosaving by setting your saving limits and we’ll automatically set money aside based on your spending. The less you spend, the more we set aside without impacting your lifestyle
With one tap you can make secure payments directly to your lender via Sprive or withdraw the money we've set aside for you to your bank should you need the funds. (You can't withdraw money earned from shopping.)
We’ll keep you on track by sending you reminders, while you can monitor your savings and progress on your dashboards
We scan the market everyday to show you the best mortgage deals available and connect you to a mortgage expert to remortgage at the right time

Which lenders do you support?

Sprive is available in the UK and currently works with Nationwide, First Direct, HSBC, Lloyds, Barclays, Santander, RBS, Virgin Money, Halifax, Natwest, Yorkshire Building Society, Coventry Building Society, and TSB Bank.

We’re working hard to support more people so if your lender is not supported, then please email us at hello@sprive.com. We will let you know when we can help you.

Are you regulated?

Yes, “Sprive Limited” is an appointed representative of Connect IFA Ltd for mortgage services (441505) and Prepay Technologies Ltd which is an electronic money institution authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (FRN 900010) for the issuing of electronic money which are authorised and regulated by the Financial Conduct Authority. Our Financial Services Register number is 919863.

What fees do you charge?

We don’t charge any fees for using Sprive. We’re here to save you money, not to take money from you!

How does Sprive make money?

Sprive is completely free for users. To help you pay off your mortgage faster and save on interest, we make sure you’re always on the best deal by challenging your mortgage against the market daily to find cheaper options. If you decide to re-mortgage through us, we earn a commission from your lender. Additionally, we make money from rewards generated when you shop, all of which helps support our service at no cost to you.

How does Shop with Sprive feature work?

When you purchase a digital shopping card (e-gift card) via the Sprive app, you will be able to redeem this at the brand of choice either by scanning the QR code or entering the code at checkout. Upon purchasing the shopping card, you will be credited the stated cash reward into your Sprive account which you can pay to your lender at any time with just one tap.

Is my money safe with Sprive?

If you have an e-money account, then the funds in your account are stored and protected. With an e-money account, 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. As your funds are safeguarded, FSCS protection does not apply.

We use an e-money issuer, Prepay Technologies Limited (referred to as "PPS" or "EPS" or "PPT") who protects your money through a process known as safeguarding. As an e-money institution regulated by the FCA, EPS protects funds belonging to e-money customers through a process known as safeguarding. This means that client funds are kept separate from EPS’s own funds and it’s placed into a secure account with an authorised bank or covered through an insurance policy or similar guarantee. The services that EPS offers are not covered by the Financial Services Compensation Scheme (FSCS). In the event of EPS's insolvency, although relevant funds are safeguarded as per the requirement of regulation 21 of the EMRs 2011, it could take longer for monies to be refunded and some costs could be deducted by the administrator or liquidator of the Firm during the insolvency process (as per regulation 24 of the EMRs 2011). Customers may check the FCA website (https://www.fca.org.uk/consumers/using-payment-service-providers) to find guidance in deciding whether the level of protection the firm offers is appropriate in their circumstances.Prepay Technologies Limited (referred to as "PPS" or "EPS" or "PPT") protects your money through a process known as safeguarding. For explanation of how your funds are protected, please see explanation at following link.

Is it a good idea to pay off my mortgage faster?

We like to think so. There are plenty of reasons why putting your spare cash towards your mortgage just makes sense. Here are just a few...

You will pay your lender less interest
You're likely to save much more than leaving that money in the bank
Get access to cheaper deals when you remortgage
Not having a mortgage gets you much closer to financial freedom

Before you start overpaying on your mortgage, it’s important you have sufficient emergency funds and check that you have paid off more expensive debts first.

What are mortgage overpayments?

Overpayments are when you pay more towards your mortgage than the amount set by your lender. When done correctly, overpayments will help you be mortgage free, faster, and save you money in interest.

How do I overpay my mortgage?

Overpayments can be confusing and many people don’t get it right. By using Sprive, we’ll guide you through the process and allow you to make smart payments directly to your lender.

Can I make overpayments to a particular sub-account?

We are unable to make overpayments to a specific mortgage sub-account. If you have sub-accounts, most lenders will distribute the benefits of any overpayments made to all your sub-accounts equally.

How do I avoid early repayment charges?

Most lenders allow you to overpay up to 10% of your outstanding balance a year, which for most is plenty. For peace of mind, you can set an overpayment limit within the Sprive app. This will help you track your payments versus your set limit and we will alert you if you get close.

Below is a general guideline of limits set by lenders, but if you are not sure, you can confirm this with your lender. Restrictions can vary depending on the mortgage product you are on.

Fixed rate - You can usually pay up to 10% of your outstanding balance per year
Fixed rate - You can usually pay up to 10% of your outstanding balance per year
Tracker/Variable rate - Limits will vary from lender to lender

Definition of ‘per year’ can vary depending on the lender too. Some refresh limits every calendar year (1st Jan to 31st Dec), while others refresh based on the month when the mortgage originally started.

How does the Sprive mortgage switching feature work?

When you sign up to Sprive, we will automatically source your mortgage details directly from your lender. This then allows us to challenge your mortgage every day to make sure you’re always on the best deal. If we find a better mortgage deal for you, we’ll let you know and direct you to an expert who will help you secure the best deal for you. It’s completely free to use!

Here are just a few ways this new feature can help you:

You’ll be able to see live mortgage deals personalised to you
We’ll let you know when it’s the right time to switch
Whether your deal is expiring or you’re thinking of exiting your deal early, we have experts who can help
By switching with Sprive, we’ll be able to seamlessly help you make mortgage overpayments on your new mortgage and be able to automatically take into account any early repayment charges associated with your new mortgage

What are your security practices?

We take your security extremely seriously. We take the following steps to protect your data:

We never store or have access to your bank login details
We use symmetric cryptography (AES) to store any sensitive data
We use 256-bit TLS encryption to communicate between the Sprive app and our servers

If you would like to learn more about our approach to security and privacy, then please contact us at privacy@sprive.com.

How can I get in touch with you?

We’d love to hear from you. We’re just getting started and would love to hear your thoughts and comments to help us improve.

You can press ‘Give Feedback’ in the menu of the app and send us a message. Alternatively, you can always email us at hello@sprive.com.

How can I close or delete my Sprive account?

Simply send us an email with your request at hello@sprive.com or contact us via the app. Any money you have in your Sprive account will be refunded promptly before we close your account. Solely deleting the app from your phone does not cancel your direct debit or close your Sprive account.

Download Sprive today and start taking years off your mortgage

Sprive supports 14 of the largest lenders in the UK. It’s completely free.

Download for free