The UK government-initiated Help to Buy home loan scheme has triggered mortgage applications from over 6,000 homebuyers in its first three months since launch, which if approved would amass £1bn in loans, according to the UK Prime Minister David Cameron.

The initiative, which was rolled out in October 2013, has so far completed around 750 purchases.

Cameron said the New Year is often a time when people look to make those big life-changing decisions like moving home or taking that first step on the housing ladder.

"But too many people have found themselves frozen out of the market in recent years as a result of the size of the deposit required," Cameron added.

"That is why as part of our long-term economic plan we introduced the Help to Buy scheme, so hardworking people with sufficient earnings can get on, fulfil their aspirations and enjoy the security of owning their own home."

According to British Bankers Association’s data, British lenders have provided 45,044 mortgages for home purchases in November, highest since December 2009.

Barclays and Santander will join Lloyds Banking Group, RBS, HSBC, Virgin Money and Aldermore to launch their own Help to Buy products in the market in January 2014.