Help to Buy phase two officially launched at the start of October and lenders reported a flood of applications with more than 2,000 mortgages agreed in the first month.

However, the latest Mortgage Solutions People’s Poll found only 4% of brokers had completed a case since launch.

Almost two-thirds of respondents (63%) said they had received enquiries from clients which had not proceeded while 14% reported reaching the application stage.

A further 19% of brokers said they had applications which had been accepted.

David Hollingworth of London and Country said the firm had seen a small number of cases complete so far and many customers were assessing their options.

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“We have seen some cases go through and as time goes on that will gain momentum,” he told Mortgage Solutions. “We’ve had lots of enquiries which were fact finding missions for customers.

“For first-time buyers there is a chicken and egg situation where they need to get an idea of how much they can borrow to know what properties to consider.

“Help to Buy also has the higher credit scoring requirements from lenders and many have had to go for 10% deposit anyway. We have certainly seen instances of people failing to meet Help to Buy 2 criteria but this shouldn’t come as a surprise.

“More lenders coming in will mean more opportunities for brokers and we have already seen other lenders like Yorkshire Building Society opening up.”