Some 25% think they have found it difficult to get a good deal because of past defaults on other credit.
While 19% think it’s because their property has lost value since it was purchased and 9% think it was either because they have applied for a number of other credit deals in the last few months or because they didn’t have a large enough deposit.
A fixed rate remains the most popular option at 54%, followed by tracker/discount and interest only at 16% each.
Equifax found 69% made only one application before securing a new deal with 19% making two to three applications, 21% of those who have remortgaged have done so to help clear their debts.
For those who currently aren’t home owners, 28% won’t be taking out a mortgage in the next six to 12 months because they wouldn’t be able to meet the repayments and 26% because they can’t afford the deposit.
Neil Munroe, external affairs director at Equifax, says: “Along with the news today that rates for new deals are going up again, this indicates that consumer confidence is fairly fragile – although there are some glimmers of hope in consumers’ attitudes to managing their finances.”