As the scheme gathered momentum, it gained more traction in the South East, North West and Scotland than other areas around the UK.
According to the HM Treasury’s statistics, in Q4 there were 5,863 completions, totalling £1.009bn in mortgage loans, with the MGS contributing £147m.
Under the scheme, the government offers lenders the option to purchase a guarantee on mortgage loans where the borrower has a deposit of less than 10 per cent. The scheme can be used for mortgages on both new build and existing homes, and by first-time buyers, home movers and those remortgaging up to £600,000. It cannot be used for second homes or buy to let.
The scheme has supported 12,388 mortgage completions since its 19 April inception last year where 86 per cent of those were first-time buyers.
The average value of loans for purchase or remortgages through the scheme was £189,804, compared to the national average house price of £274,712.
Between April and September 2021, the scheme had supported around 6,535 mortgages, with the total value of loans coming to £1.2bn.