Frequently Asked Questions
What is Sprive?
Sprive is a mortgage assistant that uses smart technology to help you be mortgage free, faster and save you thousands of pounds. You can use Sprive on your iPhone or Android smartphone.
How does Sprive work?
- Set your mortgage freedom goal
- We’ll crunch the numbers and set you an affordable monthly payment target
- Try and hit your monthly target by making secure overpayments directly to your lender via Sprive
- We’ll keep you on track by sending you reminders, recalculating your targets while you can monitor your savings and progress on your dashboards
How is it different to setting up a direct debit?
A direct debit assumes that you spend the same each month. It also requires you to calculate the amount yourself or pick an amount based on your gut feel. Sprive will crunch the numbers for you based on your goal and your performance to help you maximise the amount of interest you save.
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
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
Are you regulated?
Yes, “Sprive Limited” is an appointed representative of Albany Park Limited which is authorised and regulated by the Financial Conduct Authority (304130) for mortgage services. Our Financial Services Register number is 919863.
What details do I need to give Sprive?
To use Sprive you need to provide us the following:
About you - your email address
Mortgage information - your lender, outstanding balance, outstanding term and monthly payments
To make payments - your mortgage account number
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!
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.
How do I avoid early repayment charges?
Lenders tend to set overpayment limits on mortgages. If you pay more than this limit, you are subject to charges known as early repayment charges (ERC). Below is a general guideline, 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
Standard Variable rate (SVR) - You can usually overpay any amount
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.
Which lenders do you support?
Sprive is only available in the UK and currently works with Lloyds, Barclays, Santander, RBS, Virgin Money, Halifax, Natwest, Yorkshire 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 email@example.com. We will let you know when we can help you.
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 firstname.lastname@example.org.