Less than half of homebuyers used a mortgage adviser when purchasing a property, citing costs as a turn-off, according to research from MetLife UK.

Just 43% of prospective and current homeowners used a mortgage broker or adviser to help secure their property, says the insurer.

This is despite the combined value of residential mortgage loans in the UK is set to hit £1.6bn by the end of 2021, according to Financial Conduct Authority data.

Broker fees were “the biggest barrier to seeking advice” among 23% of homeowners, while 12% relied on help from friends and family.

Another 11% of homeowners said they didn’t use an adviser because they “didn’t trust them”, says the survey.

While 10% of consumers added “they didn’t know they could speak to a financial adviser” about buying a property.

The report offered a range of reason why prospective homeowners avoid using professional advice.

It said there is “a widespread misconception about the advice market” with many consumers unaware that some mortgage brokers don’t charge buyers a fee and will instead take a commission from a lender.

The report adds that consumers sometimes avoid seeking financial advice “for fear of being judged” on their circumstances.

It says: “Establishing a strong relationship with a financial adviser and speaking to them on a regular basis can make a significant difference and help people feel more at ease.”

MetLife head of individual protection Rich Horner adds: “Buying a home is likely to be the biggest financial purchase a person ever makes and yet many people avoid speaking to an expert before doing so.

“The past 12 months have put many people’s finances under strain and made financial situations much more vulnerable.

“For some, their employment status may have changed particularly with more people being self-employed or part-time, meaning they may need a more specialised mortgage product that only advisers have access to. ”

MetLife’s survey was carried by data firm Censuswide among a representative sample of 2,000 UK homeowners, or those currently purchasing a property, in February.