That’s the advice of Experian CreditExpert which carried out research among those hoping to buy a home through the scheme. It found almost two fifths (39 per cent) of 20 to 40-year-olds were planning to apply to the Help to Buy mortgage scheme in 2014.

But only two fifths of them (40 per cent) were registered to the electoral roll at their current address – something that can be a key factor not only in passing the identity verification checks and also in ensuring credit reports are as accurate as possible.

The insight report found a quarter of would-be applicants have never reviewed their own credit report and seven per cent have not saved for a deposit.

In fact, more than a quarter (26 per cent) have saved less than the £5,000 required to partake in the scheme.

The report is based on interviews with more than 2,000 20 to 40-year-olds. It found:

- More men than women (43 per cent to 34 per cent respectively) were planning on applying for the scheme

- The majority were in their 20s, with 33 per cent aged 20-24 years old and 31 per cent aged 25-30

- Their household income varies widely. Although three in 10 (29 per cent) earn less than £20k a year, half earn more than £30k. Nearly a quarter (23 per cent) enjoy a household income of twice the national average at £50,000 or more

- Urban areas account for the largest proportion of Help to Buy Hopefuls, with London (17 per cent of Help to Buy Hopefuls) and the south east (12 per cent) the two biggest regions.

Credit concerns:

- 25 per cent of Help to Buy Hopefuls have never checked their credit report to better understand how their history of managing credit could impact their application for the scheme. But two-thirds (64 per cent) have checked their credit report within the last year and a third (31 per cent) in the last three months

- 14 per cent think having a good credit history is less important for Help to Buy than for conventional mortgages – when the opposite is likely to be true.

Financial matters:

- The average deposit saved by Help to Buy Hopefuls is £9,590, but seven per cent have yet to save anything.

- The majority (55 per cent) have a deposit of less than £10k, with 19 per cent less than £5k. Three in 10 (30 per cent) have £10-20k set aside while one in 10 (11 per cent) have more than £20k.

- Londoners have the largest deposits, with 53 per cent having £10k or more and 19 per cent more than £20k. Just one per cent have no deposit, compared to 14 per cent of those in the East Midlands

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