Since its launch in 2021 to March this year, the number of completions through the mortgage guarantee scheme has come to 44,368, figures show.
According to the latest mortgage guarantee scheme figures from HM Treasury, this accounts for around 1.5% of all resident mortgage completions in the UK during the period.
The total value of the guarantees under the scheme is £1.2bn, and the overall value of loans supported by the scheme is £8.5bn.
The mortgages used to finance properties were worth £9bn in total.
Around 86% of mortgage guarantee schemes to date have been for first-time buyers, coming to 38,323.
The figures show that the mean value of property purchased or remortgaged through the mortgage guarantee scheme at the end of March was £203,673. This compares to the average UK house price of £283,000.
Around 24% of mortgage completions through the scheme to date are in the £150,001-200,000 band, with 23% at the lowest house price band of up to £125,000.
The report noted that more than half of completions are between £125,001 and £250,000, and only 26% of mortgage completions are on properties valued at over £250,000.
Regarding property type, most mortgage completions through the scheme were for terraced homes, at 35%. This was followed by semi-detached, at 30%, and flat or maisonette, at 23%.
Looking at borrowers, just under half of households who completed a mortgage through the mortgage guarantee scheme have a household income of up to £50,000.
The median household income is £50,508, while the mean household income is £55,862.
Households with an income of over £80,900 make up just 15% of all completions.
England made up around 69% of total mortgage guarantee scheme completions. The most popular regions were the North West at 12%, followed by the South East at 11%, with Yorkshire and the Humber, East Midlands, West Midlands and East of England all coming to 8%.
Scotland made up 22% of total completions, with Wales making up 5% and Northern Ireland making up 3%.
The Labour government has said that it will make the mortgage guarantee scheme permanent, with the scheme currently due to expire next year.
However, many brokers have said that the mortgage guarantee scheme only addresses part of the puzzle, saying it is a good first step but more needs to be done to help first-time buyers.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.