I’ve been using Sprive since 2022, initially downloading the app to see whether it really made mortgage overpayments any easier.
Several years later, I’m still using it.
Sprive isn’t going to magically pay off your mortgage, and you can make overpayments without it. But I’ve found it a useful tool for making small additional payments, earning cashback and keeping track of my mortgage.
Here’s how it works and what I’ve found after using it myself.
What is Sprive?
Sprive is a free UK mortgage app designed to help homeowners become mortgage-free sooner.
It combines several features in one app, including:
- automated mortgage savings
- manual mortgage overpayments
- cashback gift cards
- mortgage tracking
- loan-to-value monitoring
- mortgage comparison
The main idea is to make overpaying your mortgage easier.
How does Sprive work?
After downloading Sprive, you connect your current account and mortgage.
The process was straightforward when I did it and only took a few minutes.
Sprive can then calculate affordable amounts to put aside based on the limits you set.
You can also manually add money whenever you want.
The money can then be sent as an overpayment to your mortgage.
One useful feature is being able to set an overpayment limit. That’s important because mortgage lenders can impose early repayment charges if you exceed your permitted annual overpayment allowance.
Always check the rules for your own mortgage before making significant overpayments.
My experience using Sprive
For me, the biggest advantage of Sprive is convenience.
The app can work away in the background, transferring smaller amounts that can eventually be sent to your mortgage.
Making an occasional £10 or £20 overpayment might not feel particularly significant, but regular overpayments can add up over a long mortgage term.
You certainly don’t need Sprive to do this. You could make additional payments directly to your lender.
But having an app dedicated to tracking the mortgage and showing your progress makes it more engaging.
And I’ve continued using it, which probably says more than anything else I could put in this review.
Sprive cashback rewards
Sprive also offers cashback through gift cards.
Before shopping with a participating retailer, you purchase a gift card through Sprive. You then use that gift card to pay for your purchase.
The cashback earned goes towards your mortgage.
I’ve seen retailers such as Primark, M&S, B&M, Morrisons, IKEA, Argos and food delivery services available through Sprive, although the selection and cashback rates can change.
This is particularly useful if you’re buying something anyway.
Rather than changing your spending habits, you’re effectively redirecting a little extra money towards your mortgage.
Are Sprive’s cashback rates good?
They’re decent, but Sprive isn’t always the best-paying cashback option.
I’ve found competing gift card apps sometimes offer slightly higher cashback rates.
However, I’ve also found retailers on Sprive that aren’t always available elsewhere, so I still check it.
There is another feature I’m less keen on: Supercharge Rewards.
Sprive can display an enhanced percentage that attempts to take into account both your cashback and the potential mortgage interest saved by putting that cashback towards your mortgage.
Personally, I find this unnecessarily confusing.
If a gift card earns a certain percentage in actual cashback, that’s the figure I really want to know. I’d prefer the potential long-term mortgage saving to be shown separately.
What happens to money saved in Sprive?
There’s an important difference between money you’ve saved yourself and cashback you’ve earned.
Money you’ve put aside through Sprive can be returned to your bank if you need it rather than sending it to your mortgage.
Cashback rewards work differently. Cashback earned through Sprive is intended to go towards your mortgage rather than being withdrawn to your current account.
That’s worth knowing before using Sprive purely as a cashback app.
How does Sprive make money?
Sprive is free for users.
One way the company makes money is through mortgages.
Sprive can compare mortgage deals and, if you decide to arrange a new mortgage through its service, Sprive can receive commission.
You aren’t required to arrange your mortgage through Sprive to use its other features.
Sprive pros and cons
Pros
Free to use
There’s no regular subscription required to use the main Sprive service.
Makes mortgage overpayments easier
This is the main reason I’ve continued using it.
Automatic savings
You don’t necessarily have to remember to put money aside manually.
Cashback towards your mortgage
Everyday spending can generate small additional mortgage payments.
Useful mortgage tracking
Seeing the impact overpayments could have on your mortgage can provide extra motivation.
Cons
Cashback isn’t paid into your bank
Sprive cashback goes towards your mortgage.
Cashback rates aren’t always the best
It’s worth comparing rates if maximising cashback is your main priority.
Not every mortgage lender is supported
Check that your lender works with Sprive before relying on the app.
Supercharge Rewards can be confusing
Personally, I’d rather Sprive concentrated on displaying the actual cashback percentage rather than combining it with estimated future interest savings.
Who is Sprive best for?
I think Sprive makes the most sense for somebody with a UK mortgage who wants to make overpayments but doesn’t always get around to doing it.
It’s also useful if you regularly shop with retailers available through Sprive Rewards because you can direct cashback towards your mortgage without spending any more than you otherwise would.
On the other hand, if you’re already making the maximum overpayments permitted by your mortgage or you’re very disciplined about making manual overpayments, Sprive might not add much.
Is Sprive worth it?
I’ve used Sprive since 2022 and I still have it on my phone, so for me the answer is yes.
The app is easy to use and makes it simple to chip away at your mortgage.
I wouldn’t download Sprive purely for its cashback because better rates can sometimes be found elsewhere. And I’d like the Supercharge Rewards figures to be clearer.
But as an overall mortgage overpayment app, I’ve found it genuinely useful.
It does something fairly simple and does it well: helps make paying a little extra towards your mortgage easier.
Sprive referral code
If you’ve decided to try Sprive after reading my review, you can use my referral code when registering:
Sprive referral code: INRWFKGS
At the time of writing, qualifying new members who use a referral code and purchase their first gift card are entered into the monthly prize draw for the chance to win their mortgage payment.
You can also read my full guide to the Sprive referral code and current offer.
Disclosure: INRWFKGS is my personal referral code. I may receive a referral reward if you join Sprive and complete the qualifying requirements.