The £200m package aims to prevent vulnerable families from losing their homes and consists of a shared equity scheme and a Government mortgage to rent scheme.
Liberal Democrat shadow housing minister Sarah Teather says: “Tens of thousands of families will face the misery of repossession and homelessness this year but the Government’s scheme has helped just one household.
“This is an appalling failure by a Government that is more interested in headline-grabbing than in helping families through the economic crisis.”
A spokesman for Communities and Local Government said: “The Mortgage Rescue scheme, which is aimed at the most vulnerable households, has made a successful start and is one part of a comprehensive package of measures to help households at risk of repossession.
“As the statistics show, over 450 households were actively being considered for this support between January and March. We always said it would take at least three months for a household to complete the mortgage rescue process from the time they approach a local authority, and overall we expect the scheme could help up to 6,000 households over the next two years.
“Thanks to this scheme more households have sought and received financial advice as well as guidance as to what support may be best for their circumstances.”