The scheme had a proposed start date of March 2012 when it was announced last year.
Stockton said: “With a proposed launch date of March, implementing the scheme within the next 12 weeks seems unrealistic. The more probable outcome is that we begin to see the first few MIG-backed mortgages in the second or third quarter of the year.
“The government’s scheme is positive for the new homes sector and will undoubtedly provide a much needed boost to the market.”
However Stockton said there were no explicit details currently available about how applications under the scheme would be implemented. As a result it is currently unclear when the scheme will become a reality.
He added: “Having spoken to a number of the major lenders, they appear to be awaiting the finer details of the actual application and submission process. In addition the government has yet to determine whether any systems changes are needed, which could further delay the process.
“Therefore the likelihood of when buyers will be able to access mortgages backed through the scheme is unclear.
“We would welcome the opportunity to speak to the government to discuss how the mortgage industry needs to be supported to boost activity in the market.”
