What mortgage I can get according to the bank and what a house costs are moving further and further apart. I kept thinking about how to close that idiotic gap, because you can’t keep track saving up. While I was vacuuming, the eureka moment happened: a crowdfunding mortgage. And then one where everyone only lends me 1 euro and I pay it back with interest.
Yes, I am partly frustrated about the fact that the bank is so rigid in how much people are allowed to borrow based on what they believe are the standard living expenses. I don’t want children and that makes a significant difference to the costs in your life, but they don’t care. So I had to think outside the box: how can I get the mortgage I need? When I was vacuuming recently, an idea suddenly came in my head. What if I could get a mortgage via crowdfunding? Then it has to be completely via crowdfunding, because if you collect a part via crowdfunding, the bank sees that as a payment obligation (because it is a loan) and they deduct that from what you can get from them. That would mean back to square one. So all has to be via crowdfunding (and some saved money of course).
My idea is as follows: what if I could borrow 1 euro per person. A very low amount that I myself would lend out fors ure if it was for such a nice purpose as a house. In this market I would need 350,000 people, because in the wide region here you can’t buy a house with garden for less than that. If you lend me 1 euro, I am prepared to give you 3.5 percent interest when I pay it off. That is more than on savings accounts and slightly less than I would pay at most banks. And again; it is only 1 euro that you would lend me, so the return-on-investment is also low. I am still hesitating to accept higher amounts if people would be prepared to do so. I find the idea of such a low amount very sympathetic and it might excite more people to be part of this. We live in a country with over 17 million people. Surely I can find 350,000 people from whom I can borrow a euro?
What do you think of my idea? Would you lend me a euro? Which crowdfunding platform would you recommend for this?