Where does the idea come fromThe first Building Society, setup in Birmingham 1775, was based on people collectively lending to each other to fund the purchase (or building) of a house without any profit component.
Why are you doing this
Our principal is to counter the excessive profit taking of mortgage providers. Housing is a basic human right. Despite being a default human requirement, there's been zero price innovation in the mortgage market from the efficiency and cost reduction that Internet technologies bring. We're going to change that.
Who is doing this
We will do this together. There are many milestones along the way and by working as a community we will achieve them. Financial Conduct Authority regulation, launching the Profit Free Mortgages app, providing our first profit free mortgage... these are all targets we will hit together. The journey has already started, join us and be part of the movement.
How are you going to do it
Technology has come a long way, instead of using it to get people to click on adverts we will use it to deliver a Community Trust that enables us to invest together and provide each other with profit free mortgages.