A dad has spoken about how he is using a cashback app to reduce his mortgage term and save thousands of pounds.
Ed Evans, 37, uses the Shop with Sprive app to get cashback from his big shop at Asda, which he uses to overpay his mortgage.
He and his partner, Jade, are set to save £10,000 through the scheme on their £340,000 mortgage, which they took out in October 2019 on a 31-year term.
He told Express.co.uk: “Even though I’ve got 30 years to pay on it, I want to do as much as I can. It’s without the interest, so what you chip away, you actually chip away that amount.
“Even if it’s just £15, that’s coming off the amount. I’m sure it helps in the long run.”
The family get three percent back on his Asda shop meaning for every £100 he spends on his groceries, he gets £3 towards paying off his mortgage.
Ed and Jade live in Frome with their three-year-old and they have another child on the way, due in May next year. The first part of their mortgage ends in July and they also plan to remortgage with Sprive.
They had to initially contact their mortgage provider, Santander, to let them know they would be using Sprive to overpay on their mortgage.
They started using Sprive to make overpayments with the app using open banking to find any leftover or spare cash that could go towards it. Later on, they switched to the shopping cashback option.
Ed also uses Sprive at clothes shop Fat Face when they have a sale on, to get eight percent cashback on purchases.
Another Sprive user, Donna Baker-Lacey from Reading, told Express.co.uk how she is using the app to save £7,000 in interest payments on her mortgage.
She said it’s a “reassurance” to know she is paying off her mortgage even when she was out of work this year. She said: “This year, I didn’t work over the summer. I was out of work for three months.
“We were still doing our usually spending, like the groceries shop and bits and pieces for the kids. I didn’t have to completely stall progress towards what I wanted to achieve, which was making as many overpayments as possible.”
The mum-of-two has also used the app to get cashback when purchasing items from JD Sports, New Look and Costa Coffee.
She started using Sprive as she wanted to make payments towards her mortgage and she liked that the app provides up-to-date information about how much is being paid off.
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