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The scheme's monitoring statistics for May were released today (30 June), revealing that since it was launched in January this year only six household had actually been helped by the scheme.

The housing minister revealed that of the 150 households which applied in May, only four had been successful.

When added to the two applicants from the previous month, this brings the total of successful applicants to six.

The original intention of the scheme was to help 6,000 families faced by repossession.

Vince Cable, the Liberal Democrat shadow chancellor, called the situation "pitiful" and far off the mark from actually addressing the problem.

"Helping just six families is absolutely pitiful and doesn't even begin to address the scale of the problem," he said.

"Vast reams of red tape stand in the way of families faced with repossession staying in their own homes. There are enormous time lags and the vast majority of people who think they are eligible find that they are not. Repossession is a ticking time bomb."

Cable added: "Despite the predictions of a modest fall, the numbers of repossessions are likely to soar in the next two years because of rising unemployment.

"Temporary government schemes are deferring the problem, not solving it. If interest rates start to rise next year, the problem will become even more severe."

The release of the Mortgage Rescue Scheme monitoring statistics are moving to a quarterly publication schedule. As such, the next publication will cover statistics for April to June 2009.