Accelerate My Mortgage featured across the press

Last updated: 16/04/2020

It's fair to say that our official launch has exceeded all expectations! We've been featured in The Times, This is Money, Mortgage Solutions, Love Money, The Sun, The Mirror, Which? and Ideal Home, and this has helped us welcome thousands of homeowners to the service. Here are just some of the unique advantages of Accelerate My Mortgage the press have highlighted:

Buy a sofa at John Lewis, pay down the mortgage: A cashback-style website could save you thousands in interest

The article from The Times highlighted how earning cashback from over 45 leading retailers (including John Lewis, Asos, Boots, Marks & Spencer, Vodafone, Waterstones and Topman) can be used to help pay off mortgages off faster, and in doing so, multiply benefits and savings for homeowners far beyond the initial cashback amount:

'Overpayments can make a huge difference to your mortgage. A borrower who spends £200 a month with retailers via the site, earning an average of a 7% reward, would be able overpay £168 a year. On a £150,000 25-year mortgage with a 3% interest rate, the mortgage would be paid off eight months early, saving £1,902 in interest'.

They also highlighted just how much money homeowners can save:

'Tom and Sam Maunder, a married couple from Barry, plan to overpay their mortgage by £200 a month — some of it derived from cashback earned via the site. With 37 years left on their 1.99% fixed-rate mortgage, that rate of overpayment will shave 12 years and 10 months off their loan, saving the couple £26,000 in interest'.

Coronavirus cashback hack: New scheme could help you knock thousands off your mortgage and pay it off early just by shopping online

This is Money's mortgage specialist Will Kirkman called Accelerate My Mortgage 'an innovative way to help homeowners save money on their mortgage without spending more than they already are'. It also outlined how our free service can provide huge benefits to homeowners including a full range of mortgage rewards for referring friends and switching mortgages through our service.

Accelerate My Mortgage: cashback site helps you overpay on your mortgage

Love Money's feature was published by highly respected journalist John Fitzsimons, which concluded 'I think it’s a really smart idea and one I intend to take advantage of'. It also included a compelling example of how Accelerate My Mortgage can make a real difference:

'Let’s take an example. Say I had a £200,000 outstanding mortgage on a 30-year term at an interest rate of 3%. My monthly repayment would be around £843, and overall that loan would cost me around £303,500.

That’s more than £103,000 in interest.

Now let’s say I instead paid £943, an overpayment of £100 each and every month. Doing so would mean I paid the mortgage off four years and nine months early, and cut the amount paid in interest by a massive £18,244'.

John highlighted that small amounts of cashback here and there get lost and are not used for a real and tangible purpose, but but using cashback to pay your mortgage off faster can make a real difference your finances.

New cashback website helps homeowners pay off their mortgage quicker.

Andrew Hagger of Moneycomms told the Sun that 'paying extra money off your mortgage is a smart move as it cuts your interest bill and reduces the term of your mortgage'. Whilst Peter Gettins of L&C Mortgages said 'the ability to make overpayments effectively without noticing could well have some appeal'. 

We are proud to welcome our new users, and we'll do everything we can to help you pay your mortgage off faster.

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