There is good news for prospective first time buyers in Glasgow as the Glasgow City Council and Glasgow Credit Union have formed a partnership to help those trying to get onto the property ladder.
The pilot scheme has been approved by the council’s executive committee and hopes to be able to boost people to home ownership. As with the Help to Buy schemes, it targets those who could theoretically afford a mortgage, but cannot afford the deposit that is needed for one.
Up to £4million has been allocated for mortgage funding, and the council will be acting as a guarantor on behalf of the borrowers.
The chief executive of Glasgow Credit Union, June Walker, said “For many, especially the younger generation, saving for a deposit for their first property can be an impossible task. This well provide them the opportunity to get onto the property ladder.
The scheme is hoping to attract 50 first time buyers, and offers an alternative to the Help to Buy schemes. Glasgow Credit Union claims to be the largest in the UK, and serves just those in the G postcode.
The scheme gives people the chance to be helped out by the community to make their first buy in the housing market, while helping out the community in return.