The Rising Cost of Mortgages: How Homeowners Can Save Thousands

Millions of UK households are facing higher mortgage payments in the coming months, with high street banks like HSBC warning of a dire situation if Labour wins the General Election. But while the big banks are sounding the alarm, homeowners are taking matters into their own hands to save thousands on their mortgage payments.

One such homeowner, Katie, has managed to save £10,000 on her mortgage and is set to pay it off 14 years earlier than planned. Her secret? Using a mortgage app called Sprive, which helps users overpay their mortgage by earning cashback on their daily spending.

Katie is set to pay off her mortgage 14 years earlier than planned. Photo credit: [Google Images]

HSBC has warned that high wage growth is fuelling inflation in the UK, and that services inflation is not fully tamed. The bank believes that a higher minimum wage could increase costs and reduce efficiency, adding to unit labour costs.

But Katie’s story shows that there are ways for homeowners to take control of their mortgage payments and save money. By using Sprive, she has been able to overpay her mortgage by between £20 and £60 each month, which may seem small but can add up to thousands over time.

The Sprive app helps users overpay their mortgage by earning cashback on their daily spending. Photo credit: [Google Images]

The app uses AI to set aside money based on someone’s spending, and also offers a new feature called Sprive Surveys, which lets users earn cashback by completing surveys. The cashback then goes straight towards overpaying their mortgage.

For Katie, the money incentive is a large reason she likes taking part in surveys. She normally completes them on her phone app, and they can range from being about household items, food shopping information, television watching, and lifestyle questions.

Completing surveys can earn users cashback, which goes towards overpaying their mortgage. Photo credit: [Google Images]

While Katie’s story is inspiring, it’s not the only way to save money on mortgage payments. Homeowners can also consider overpaying their mortgage by making lump sum payments or by switching to a fixed-rate mortgage.

Homeowners can save thousands by overpaying their mortgage. Photo credit: [Google Images]

In conclusion, while the rising cost of mortgages is a worrying trend, homeowners can take control of their mortgage payments and save money. By using apps like Sprive, completing surveys, and making lump sum payments, homeowners can pay off their mortgage earlier and avoid paying thousands in interest.