Ben Byrne, a 24-year-old homeowner from Redditch, is on track to save £18,000 in mortgage interest and pay off his loan more than two years early. He achieved this by using a cashback app called Sprive, which redirects rewards from everyday spending toward his mortgage. Byrne bought his second property for £292,000 in September 2025, taking out a £248,200 mortgage. Within six weeks of using Sprive, he earned £120 in cashback and made an additional £1,700 in overpayments, putting him about a year ahead on his mortgage payments.
Byrne integrates Sprive into his routine, using it for groceries, dining out, and gift purchases. He aims to earn around £50 a month through the app, which, at his current rate, could help him save £18,000 in interest and shorten his mortgage term by two years and four months. The cashback motivates him to make extra overpayments without straining his monthly budget. He plans to continue using the app for his Christmas shopping this year.
His strategy comes amid rising borrowing costs, as the Bank of England raised its base rate from 3.75% to 4%, its first increase in over three years. Governor Andrew Bailey cautioned that further hikes may follow unless the Middle East conflict is resolved. Jinesh Vohra, CEO of Sprive, advised homeowners to review their mortgage options early to avoid higher rates when refinancing. He emphasized that competition among lenders does not guarantee protection from rising costs.
MoneySavingExpert Martin Lewis warned borrowers to check their mortgage terms before making overpayments, as exceeding a lender's allowance can result in penalties. Vohra highlighted that using cashback from everyday spending can help reduce mortgage balances without adding financial pressure. He encouraged homeowners to take proactive steps to manage their mortgages, as they cannot control interest rate decisions but can mitigate their impact.