Sprive: The AI mortgage assistant

Sprive is an app that can save you £000s by helping you pay off your mortgage faster and making sure you’re always on the best deal. And it’s completely free!

Sprive was born out of the desire to transform how people manage their mortgage. An FCA study highlights that 30% of homeowners pay up to £550 more than they should every time they switch mortgage. It is also expected that millions of people will be paying their mortgage through retirement.

Jinesh Vohra, CEO and Co-Founder of Sprive, remembers when he first stepped onto the property ladder. Vohra convinced his wife to start making overpayments on the mortgage. Whilst making these overpayments, Vohra had no idea how much interest he was on track to knock off. He was even using a spreadsheet to track early repayment charges and to make sure he didn’t breach his allowance. This was when he decided that there should be a better way to do this.

“It shouldn’t be this difficult,” Vohra noted. “I was talking to mortgage advisors, but I had no idea if [they] were any good. So I started looking at the market from an investor’s standpoint and very much realised that it is a very fragmented market.”

The biggest mortgage intermediaries in the UK conduct about 50,000 mortgage transactions a year and there’s about 11 million people with homes and around 1.8 million people re mortgaging each year.

“There was no one there with any kind of real big market share, so I got excited. I saw other apps out there like Chip, Moneybox and Plum … and within three or four years they had got over a million customers.”

Whilst those apps help people save money to invest, Sprive is very similar in that it helps people save money to pay their mortgage.

“It kind of made me think if I could do something similar and get a million customers, suddenly [we could] become the largest mortgage player in the UK. So, I quit my job and decided to roll the dice and create this company.”

Enter Sprive

Sprive works in three simple steps:

1. Link your account: Connect your bank account so Sprive can set 
money aside based on your spending

2. Set your limit: The AI works within your set limits, so it never impacts 
your lifestyle 

3. One-tap payments: With one tap, you can make payments to your 
lender or withdraw the money back

“Once you’re signed up, it literally takes a couple of minutes, and then we have the ability to help you set aside money effectively,” said Vohra.

“[The landing page] essentially shows you how much interest you’re likely to pay over the lifetime of the mortgage. It [also] shows you if you can afford to [overpay] £5 a day or £10 a day how much interest you could potentially save and how many years you can knock off.”

All of the analytics are regularly refreshed automatically. The algorithm analyses your spending each week and sets aside the ideal amount. You can track your home’s estimated value each month to see how much of it you own – as you own more of your home, you’ll also increase your chances of unlocking cheaper deals when you next remortgage.

Sprive will challenge your mortgage against the market every day to make sure you’re always on the best deal. They have access to expert advisors who take care of everything, while you track your application every step of the way.

Sprive has also partnered with leading brands to help you pay off your mortgage while you shop. If you use the app when you’re shopping, then it will give you extra cash to put towards your mortgage the same day.

The app uses bank level security and never shares your personal data without your consent.

Award winning

The app uses bank level security and never shares your personal data without your consent.

Vohra pins their success on the uniqueness of the app. “There’s a lot of apps out there that are doing small variations of the same. [But] there isn’t any kind of app out there, that’s consumer facing, that helps people save on average £10,000 in interest and pay off their mortgage four years earlier.”

Building a product that people like has been one of the biggest highlights for Vohra. Sprive has been featured in all of the major press titles in the UK, gaining them some good publicity.

“We’re doing okay but there’s still a long way to go,” notes Vohra. In fact, the biggest challenge now is trust. “Trust is always a challenge with any FinTech, because ultimately, we’re getting people to trust us with their finances. To get mainstream, that trust is something that you’ve just got to really nail down.”

This time next year

Since its launch in October 2021, Sprive has over 16,000 customers in the UK and has raised around £1.75 million.

Following the cost-of-living crisis, more people are desperately trying to save money on their mortgage.

“It’s a really good time for us,” notes Vohra. “You ask anyone if they want to save money on their mortgage and they’ll probably say yes. We’re the only app in the country that can help people do that.

The aim for them now is to get to a million customers as quickly as possible.