GCC pledges mortgage boost for first time buyers

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A partnership between Glasgow City Council and Glasgow Credit Union designed to give first time homeowners a boost has been approved by the council’s executive committee.

The two-year pilot scheme, announced alongside GCC’s People Make Glasgow Home plan, will offer opportunities to prospective homeowners who could afford to pay a mortgage but aren’t able to raise a deposit.

Up to £4 million has been allocated for mortgage funding, with the council acting as guarantor for the loan.

June Walker, chief executive of Glasgow Credit Union, said: “For many, especially the younger generation, saving for a deposit for their first property can be an impossible task. This will provide them the opportunity to get onto the property ladder.”

It is hoped that the pilot will attract 50 first-time buyers.