Sprive, the online mortgage assistant which helps families to make savings on their homebuying outgoings, has appointed the Nationwide building Society to its list of providers.
Nationwide annually supports 30,000 first-time buyers.
Jinish Vohra, Sprive founder and managing director, said: “Financial ‘giants’ such as Barclays, Halifax, Lloyds, Natwest, RBS, Santander, TSB Bank, Virgin Money and the Yorkshire Building Society are lenders which we have supported for some time so we are delighted that we now have a partnership with the biggest provider of mortgages in the UK.”
Since being founded in the summer of 2019, Sprive has helped thousands of people via its smart-technology app, which can be downloaded free on an iPhone or an Android smartphone.
The app scans the market 24/7 for cheaper mortgage deals, links to a user’s bank account, sets a monthly payment limit (and a mortgage freedom goal) and automatically sets money aside based on the user’s spending.
Vohra, a former executive director of Goldman Sachs, launched Sprive after paying off his own mortgage inspired him to build technology that would help others to do the same.
He said: “Paying off a mortgage before time not only puts families closer to financial freedom but it also means they will pay their lender less interest.
“However, before you start overpaying on your mortgage, it is important to make sure you have sufficient emergency funds – and check that you have paid off more expensive debts first. But for those who can, the target of being mortgage free is worth aiming for.
“Overpayments can be confusing and many people don’t get it right but by using Sprive they will be guided through a process which will see them be mortgage free, faster,” he added.
So what prospects are facing the UK housing market in 2022?
Because of a shortage of homes in cities such as London, Leeds, Birmingham and Manchester, Vohra expects property values to keep on increasing, especially with Birmingham hosting the Commonwealth Games.
Vohra said: “However, prices rises will not be as dramatic as in 2021, which was boosted by stamp duty relief. Covid uncertainty and interest rate rises should dampen house prices from rising too much.
“With interest rates on the rise over the next couple of years, I’m anticipating that more savvy homeowners will want to pay off their mortgage faster while they can.
