In just 12 weeks, nearly 750 homeowners have completed their house purchases and hundreds were able to spend Christmas in their new homes, according to the latest figures from the government.
Less than three months on from the start of the Help to Buy mortgage guarantee scheme, over 6,000 people have put in offers on a home and applied for a mortgage, said Prime Minister David Cameron last week.
In November, ministers published figures showing that in the first month of the scheme more than 2,000 people had put in offers on homes and applied for a Help to Buy mortgage. That number has now trebled to more than 6,000, according to the latest government figures.
The mortgages, if approved, will represent nearly £1 billion of new lending to aspiring home owners.
Barclays and Santander will, says the government, introduce their own Help to Buy products onto the market this month, joining Lloyds Banking Group, RBS, HSBC, Virgin Money and Aldermore who have all launched products over the last three months.
The large number of applications for Help to Buy mortgages suggests that the high Loan-To-Value part of the mortgage market is once again moving, claims the government. High Loan-To-Value mortgages have been the main route to ownership for most first time buyers over the last 30 years, but there have been fewer products available in recent years.
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