Embrace your inner shopaholic: Cashback service pays down your mortgage the more you spend

By Aisling Finn on Friday 28 February 2020

Alternative Lending

Accelerate My Mortgage currently has 46 retail partners in the UK, including John Lewis, ASOS, Boots and Pizza Hut.

Embrace your inner shopaholic: Cashback service pays down your mortgage the more you spend
Image source: Pixabay

Accelerate My Mortgage, a Cardiff-based cashback site, helps you pay off your mortgage when you spend big at some of Britain’s top retailers.

Instead of giving cashback directly to you, Accelerate My Mortgage directs the cashback you earn directly to your mortgage lender. 

Accelerate My Mortgage needs your permission to make the mortgage overpayments with the mortgage provider also having to agree to the terms.

The lender lets you earn between one and 15 per cent of what you spend towards your mortgage at stores like John Lewis (seven per cent), Marks and Spencer (two per cent) and Topman (15 per cent).

Lee Flavin, co-founder of Accelerate My Mortgage, said: “Our mission is to help homeowners pay their mortgage off faster, whatever their circumstances and wherever they are in their mortgage journey.”

Chris Evans, co-founder, added: “For the first time, homeowners can pay their mortgage off faster when they make everyday purchases with leading brands.”

Consumers can also pay towards their mortgage at other less traditional retailers, such as pizza chains Papa John’s (one per cent) and Pizza Hut (five per cent), we can all feel a little less guilty the next time we have that cheat day then.

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