A quarter (26%) who couldn’t remortgage were turned down because they didn’t fit affordable rules or because their credit record had deteriorated. However 11% say they were turned down for being too old.
One in four (26%) borrowers who couldn’t remortgage had to pay higher monthly costs as a result.
Ian Gibbons, senior mortgage broking manager for Nottingham Mortgage Services, part of The Nottingham, said: “With rates remaining low it is potentially a good time to remortgage to a new deal but unfortunately it is not always that simple.
“With more than a quarter of those who have tried to remortgage in the past two years not being able to secure a new deal it is clear that homeowners need to think carefully and research the market.”
There were 31,000 remortgage loans amounting to £5.1bn in September 2015, up from £4.3bn and 27,900 according to Council of Mortgage Lenders data.
Bank of England figures put the average standard variable rate at 4.5%, while average 2-year fixes stand at 1.91% to 75% loan-to-value and 3.03% to 90% LTV.
