Press Release

FRESH DATA SHOWS THAT NEARLY A QUARTER OF HOMEOWNERS HAVE FOUND IT DIFFICULT TO GET A NEW MORTGAGE DEAL

Equifax research of credit active consumers reveals that 78% have seen cost of living increase by up to £250 per month in last 6 months and 30% would only be able to manage their finances for 2 months if they lost their job

London - 26th September 2008 - Leading instant online credit information provider, Equifax, surveyed its customers earlier this month* - at the height of the turmoil in the finance markets.

Primarily targeting credit active consumers who have requested a copy of their credit file to take more control of their own finances, the results of the survey reflect the current uncertainty in the mortgage market and suggest a distinct lack of confidence in future financial stability. With increased rates announced today by several of the leading mortgage providers, the challenges for home owners and buyers appear to be continuing.

Neil Munroe, External Affairs Director, Equifax, is available to provide commentary on the research.

key Data

33% of respondents have tried to secure a new mortgage or re-mortgage this year - with nearly a quarter (23%) finding it difficult to get a new competitively priced deal
25% think they have found it difficult to get a good deal because of past defaults on other credit; 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
69% made only one application before securing a new deal with 19% making 2-3 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 6-12 months because they wouldn't be able to meet the repayments and 26% because they can't afford the deposit
But recent government moves to stimulate the market appear to have had some effect on confidence in the first time buyer market with 35% saying the raised stamp duty exemption has made a difference to their plans to buy
However, 87% of all respondents think the government didn't go far enough - with 29% thinking the exemption should have been raised to £250,000 and 30% thinking stamp duty should be abolished completely
When looking at financial stability - 78% think their cost of living has increased by as much as £250 per month in the last 6 months
If they lost their job, 30% think they could manage their finances for just 2 months before getting into severe difficulties

"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", concluded Neil Munroe, External Affairs Director, Equifax.

London-based, Neil Munroe is available to comment on Credit and Debt issues and has considerable TV and Radio interview experience. He has worked in Equifax's consumer information services business and the credit referencing industry for over 20 years, with first hand knowledge of key credit industry sectors including Financial Services, Mail Order, Retail and Utilities. He is a member of the Institute of Credit Management and an advisor on consumer credit matters to the Institute's Technical Advisory Committee.

For Interviews with Neil please call him on 07710 844518 or call the Equifax PR team at HSL on 0208 977 9132. Or emailelinor@harrisonsadler.com

*586 Equifax customers responded to the survey conducted w/c 15th September 2008