10 July 2023, London, UK - With the cost of rising interest rates, UK homeowners are finding innovative ways to make up for the increase of their monthly mortgage payments. And those with an empty driveway, or parking space could not only be earning thousands of pounds a year, but also shedding years off their mortgage.
Which is why the UK’s most useful parking app JustPark has partnered with Sprive - a free app that helps UK homeowners pay off their mortgage faster, to help homeowners earn extra cash to relieve current interest rate pressures.
It is estimated here in the UK that having a good quality driveway can add between five to 10 percent in value to a home, so for a house costing £295,000, that means a driveway adding as much as £29,500 to your purchase price. Great if you are planning to put your house on the market, but a sting for those with no car to park there of their own.
However, it can take less than 10 minutes to add your driveway to JustPark, and start earning cash to offset the cost. JustPark’s top hosts earn £4,000 a year and can be found up and down the UK. For these homeowners, putting just an additional £300 towards their mortgage each month (£3,600 p/a*) would save them a massive £67,600 and shave six years, eight months off their mortgage.
And it isn’t just the top driveway hosts who can benefit. In Manchester which is one of the cities where JustPark has the highest demand for parking, the average host earns £1,440 p/y (with the top host earning an impressive £3,473.50 in a year). Based on the average mortgage value in Manchester of £159,296. If you used this money earned from JustPark to pay off your mortgage with Sprive, you’d save £5,064 in interest, the equivalent of two years and five months off your mortgage.
Here are some more examples from across the UK:
JustPark hosts, who rent out their private driveways and car parking spaces on the app have made a combined overall income of more than £30m nationally. UK tax rules allow you to earn up to £1,000 per year from a side hustle without having to declare it and with more than 12 million drivers now using JustPark, the demand for spaces is higher than ever.
Anthony Eskinazi, JustPark CEO said: “Our partnership with Sprive will help homeowners to unlock extra income simply by letting out their driveway to frustrated drivers unable to find parking. We know there is huge demand across the country for parking space and there is no limit to what can be earned for those living in prime spots such as near train stations, stadiums, and business centres. Not only is there good money to be made, but renting out your driveway is an extremely low maintenance way to earn some spare cash, it is possibly the easiest side hustle out there.”
Jinesh Vohra, Sprive CEO & Co-Founder said: “Right now, it is crucial for homeowners to prioritise finding ways to save money. One way is by making overpayments with any spare cash, which can significantly reduce interest costs, particularly for those locked within their current deal period and unaffected by higher rates. We’ve seen the rise of side hustles and people being creative in finding additional income, like with JustPark, and using that money to put towards your mortgage can have a massive impact. Even a few pounds equivalent a day can make a substantial difference. Our overpayments calculator shows you what impact this could have, and you can make these numbers a reality with the app"
JustPark has created a handy calculator to allow you to check how much your driveway would be making and you can check out Sprive’s mortgage overpayments calculator to see how much you could save on your mortgage by making overpayments. https://sprive.com/mortgages/overpayment-calculator
Notes to editors:
The average Sprive user is on track to save £8,000 in interest and shed 3 years off their mortgage.
*All mortgage data from Sprive
Release calculations, unless exact figures given are based on:
Mortgage = £250,000
Mortgage Term = 25 years
Interest rate = 5.5%
Putting £100 towards mortgage a month:
Interest Saved = £29,170
Years Saved = 3 years
Putting £200 towards mortgage a month:
Interest Saved = £50,810
Years Saved = 5 years, 3 months
Putting £300 towards mortgage a month:
Interest Saved = £67,600
Years Saved = 6 years, 8 months
ABOUT JUSTPARK:
JustPark, established in 2006 is the UK’s favourite parking service. The premise is simple in connecting more than 12 million drivers with parking spaces through an award-winning App based platform every year. More than 50,000 parking space owners and some of the UK’s biggest Councils and Car Parking companies use the service to monetise their unused driveway and car parking capacity.
ABOUT SPRIVE:
Sprive is the free app helping UK homeowners pay off their mortgage faster, making it easy to make overpayments. The average Sprive user is on track to save £10,000 in interest and shed 4 years off their mortgage.
Sprive currently supports over £2Bn worth of mortgages across 12 of the largest lenders in the UK e.g. Barclays, Santander, HSBC, Natwest and Nationwide. They have also partnered with brands including Morrisons, M&S, Waitrose, Argos, Boots, Deliveroo and Costa so that every time Sprive customers shop they earn extra money towards their mortgage.
Check out Sprive’s mortgage overpayments calculator to see how much you could save on your mortgage by making overpayments, and make these savings a reality through the app hassle-free.
MEDIA CONTACTS:
Email: sarah.jackson@justpark.com
Telephone: +447306256148
