OWNING their own home has been an ambition of many people in Glasgow but the cost of a deposit prices many out of the housing market.

Lots of people can afford the mortgage repayments but are unable to raise the initial cost which can be as much as 25%, leading to many paying higher housing costs in private rented market.

The pilot scheme by Glasgow City Council and Glasgow Credit Union will be of interest to many potential first-time buyers.

The scheme will have the added bonus of bringing empty properties back into use by offering incentives for purchasers.

By financially backing the programme the council is attempting to help people realise their goals and by waiving arrangement fees and other house buying associated charges which put people off Glasgow Credit Union is putting people before profit and offering real assistance.

Glasgow needs more affordable homes across the social housing, and privately owned sectors in a mix of sizes to meet the diverse nature of households in the city.

Home ownership is not the answer for everyone nor is it the ambition of everyone but for those who it does suit but high deposit and borrowing costs put it beyond them this will be a help.

The scheme is a hand-up not a hand-out and has potential to benefit many families in two important areas – housing and finances.