‘I’m going to be mortgage-free by the time I’m 40 thanks to simple app’

EXCLUSIVE: At just 24 years old, Martha Collins is a proud homeowner and hopes to be mortgage-free by the time she reaches her early 40s

While many twentysomethings are struggling to get on the property ladder, one young woman hopes to be mortgage-free by 40.

Martha Collins, now 24, bought her first home with her partner Harry at just 23, having “saved every penny possible through apprenticeships, part-time jobs and full-time work”.

After moving into their £137,500 terraced home in January 2025, the couple, who met at a house party eight years ago, considered overpaying their £130,625 mortgage. However, they felt it simply wouldn’t be feasible while undergoing a full house renovation. It turned out, they were mistaken.

One year after their big move, events professional Martha happened across the free mortgage app Sprive while browsing TikTok, and decided to give it a try.

This means that whenever the pair do their food shopping at Tesco, they are taking steps towards paying off their mortgage.

So far, Martha and Harry have overpaid more than £800, helped along by £712 through weekly prize draws. Based on their current usage, the couple hope to save themselves around £30,000 in interest, and are on track to be mortgage-free by their early 40s.

“I’m very conscious that we do have this 40-year-long mortgage, which seems like we’re never going to be able to pay it off,” Martha added. “So just having those little incentives where you can pay a little bit more off makes us feel like we’re doing the right thing.”

A proud self-described “spreadsheet girlie”, Martha is the financial anchor of the relationship. “I’m very much the one who sorts out the finances in our relationship,” she told. Each month, she keeps everything logged in a meticulous budget spreadsheet, so she is constantly aware of where her money is going.

Nowadays, she shares her experiences of being a first-time buyer renovating her home on Instagram and TikTok at @marthcollinshome. Aimed at fellow young buyers, Martha speaks openly about the realities of being a homeowner – from costs of renovation project, to hunting down interior design bargains.

The couple are currently set to complete the upstairs of their house in August, once their bathroom is finished.

Martha credits their parents parents for helping them become financially aware from a young age, with the couple getting used to paying for groceries and bills while living together at her mum’s house. “I think we always knew that we wanted to buy a house,” she reflected.

“We didn’t want to move out and rent, and I think we were just committed to that goal. And having that goal in the end sight really made us sort of not sacrifice anything, but be a little bit more careful with what we were spending our money on.”

While their financial maturity is impressive, Martha – who notes none of her friends are in a similar position – acknowledges that she has been incredibly fortunate. Neither she nor Harry, an assistant supervisor in a manufacturing company, has any hefty student loans to pay off, having decided university wasn’t the right path for them.

“I think we’ve got to acknowledge that we are in a lucky position not to have debt from university,” she explained. “I did an apprenticeship, Harry went straight into work, so we do acknowledge that when we look at our position and the savings that we made while we were still living at home and not out renting.”

Their experience stands out against a challenging backdrop for young buyers. Government data highlights that 11.5 per cent of first-time buyers are now 45 years old or over – nearly triple the figure recorded just five years ago.

With almost one in three first-time buyers choosing mortgages of 35 years or more, it’s expected that two-thirds will still be making payments into their 60s. As the cost-of-living crisis continues, staying educated on matters of personal finance is more crucial than ever.

Should you overpay your mortgage?

Making overpayments can save you thousands, but it’s not always the right move, with experts urging people to make a clear assessment of their personal finances before taking the plunge.

If you have other debt, check the interest rate and decide if it is worth clearing that first. Also, it is considered wise to build up an emergency fund of three three to six months’ worth of essential outgoings before choosing to overpay.

Ensure that any overpayment will reduce the actual debt, rather than just reducing your monthly payments.

The Money Saving Expert overpayment calculator shows that for someone with a mortgage of £250,000 that they are set to pay over 25 years at a rate of 4.5%, if they overpaid £200 a month, they could clear save £38,410 in interest and clear their debt five years earlier.

Rachel Springall, finance expert, previously told the Mirror: “Borrowers need to be realistic to how much they could comfortably afford to set aside to overpay their mortgage, as it would be unwise to do this if they have no emergency savings to fall back on.

“Those who make a mistake might have to take out some short-term credit to cover costs, which is a more expensive form of borrowing.

“Short-term debts should ideally be paid off before making mortgage overpayments, but it really depends how much is owed and how long it may take to repay.

“There is also no reason why someone shouldn’t prioritise making mortgage overpayments versus a small amount of debt, especially if its credit card debt which could be moved to a 0% balance transfer offer for some breathing space.

“To avoid any nasty surprises, it’s wise to make a budget plan to foresee any rises in costs and adjust any mortgage overpayments accordingly.”

Jinesh Vohra, CEO of Sprive, said: “Martha’s story shows how Sprive is helping people become mortgage-free without changing their lifestyle or spending more money. While more people are buying later, borrowing for longer and relying on family support, Martha demonstrates what’s possible when you start overpaying early. Small amounts from everyday spending can make a huge difference over the life of a mortgage.”