Jinesh Vohra, 41, paid off the mortgage on his £440,000 home in just four years through drastic lifestyle changes. Shocked by the mortgage process and the potential to be chained to repayments, he left a lucrative career at Goldman Sachs to found Sprive, a free app designed to help others pay off their mortgage early.
From £5 to Goldman Sachs
Growing up, Vohra's family had little money. His father arrived in the UK with £5 in his pocket, worked three jobs and would work until midnight each night. The family had no car and did not receive Christmas or birthday presents. Vohra grew up with the idea of only spending what they could afford.
He studied Economics at Warwick before getting a graduate job with Goldman Sachs with a starting salary of £40,000. Working 70-plus hour weeks was common and he was pushed to be the best he could be, which suited him. He thought he would stay for three or four years, but 14 years later he was still there, chasing the next promotion. By the time he left, he was earning up to £110,000 a year.
The mortgage that sparked Sprive
In 2011, Vohra married his wife Leena, an accountant, and they bought a home together in Bushey, Hertfordshire, for £440,000. When he looked at the mortgage offer agreement for £330,000, he realised that for every £1 borrowed, he would be paying 50p in interest, costing £150,000 overall in interest.
A 25-year mortgage did not make sense to him. He explained to Leena that he wanted to pay off the mortgage 'very aggressively', and they decided to live on one salary. They changed their behaviour, gave up takeaways and stopped holidays. He saved £70,000 of interest alone and paid off the mortgage in four years.
Launching Sprive
In 2018, a colleague had a dream that he should speak to Vohra about working together. They brainstormed daily, and the idea for Sprive, to help others pay off their mortgage without changing their lifestyle, came from Vohra's own experience. It took nine months to work out it was a good idea, and he handed in his notice to Goldman Sachs in 2019.
He launched Sprive in 2021. He told Leena that in one year he would be earning a wage, but it was four years later before he would. Now he earns about £35,000 a year, less than he did when he was 20.
How Sprive works
Sprive helps people overpay their mortgage so they are mortgage free earlier, but without changing their lifestyle. Approximately 50% of new mortgage products being sold have 40-year terms, taking people until their 60s, 70s or 80s to pay off. Users can complete their everyday shopping through the app by purchasing a digital shopping card for their chosen brand, earning instant money back to pay to their lender in one tap. The app also scans the market every day to find the best current mortgage deals and guides users through the overpayment process.
Vohra's monthly income is about £2,400. His outgoings include £330 for council tax, £270 for water and energy, £35 for internet, £25 for streaming, £14 for the television licence, £50 for home insurance, £150 for a home maintenance sinking fund, £60 for car insurance, £180 for fuel, servicing and MOT, £500 on groceries, £25 for phone, £80 for travel, £300 in savings for Christmas and birthdays, and £150 on miscellaneous children's items. Total outgoings are about £2,169, leaving a buffer of about £230 a month.
After appearing on Dragons' Den last month, Sprive was at one point the most downloaded finance app in the app store, with 135,000 new users. Vohra's top tip is to stay away from unsecured debt, warning that credit card debt has the ability to ruin lives. His future dreams include helping millions with mortgage debt and becoming a household name as a consumer champion.
