Following the government’s shock decision last week to bring forward the start date of the scheme by three months, further details will be announced by Osborne with participating lenders expected to launch products soon afterwards.

Newspaper speculation indicates rates could be as high as 6% but the majority of sources expect initial rates of between 4.5% and 5.5%.

Help to Buy mortgage guarantee products will be available through Halifax, NatWest and Royal Bank of Scotland from launch.

Aldermore confirmed last week it plans to launch products using the scheme by January.

The launch of the scheme is expected to generate huge interest from would-be homeowners with RBS planning to keep branches open later to meet increased demand.

Researched conducted by Santander this weekend claimed as many as one-in-ten Britons believed they would buy a property in the next year, with around a third of these stating they plan to utilise the Help to Buy scheme.