No-one helped by H2B in 40pc of England

Research from Totally Money said this was despite there being in excess of 400,000 eligible homes currently available across the UK.

The research revealed 1,261 “black spots” across the country where there have been no mortgage completions as a result of either Help to Buy 1, the equity loan scheme, or Help to Buy 2, the mortgage guarantee scheme.

It claimed that 52,691 homes in England had completed as a result of Help to Buy by the end of February this year while 42% of postcode districts in England have yet to see any Help to Buy mortgage completions.

Leicester is England’s number one Help to Buy city with 892 completions while MK42, in Bedford, is England’s top Help to Buy postcode, with 309 completions.

The initial Help to Buy scheme offers first-time buyers a 5-year interest-free government loan up to 20% of the property value.

Once the 5-year interest-free period is complete, interest is charged at 1.75%, with annual rises of 1% above inflation. First-time buyers using the scheme require a minimum 5% deposit and a mortgage to cover the remaining 65-75% of the property value.

The second phase of the scheme offers mortgage providers more incentive to lend higher loan-to-value mortgages by giving access to government guarantees on to lenders, encouraging them to give both first-time buyers and existing home owners mortgages with deposits as low as 5% on new builds and older properties.