Poor credit scores have deterred one in 10 Britons from applying for a mortgage, according to The Mortgage Lender.

The lender’s research also suggested there is a limited understanding of credit scores among the population. Nearly two-thirds (62%) of the 2,000 UK adults surveyed for the research said they did not know their credit score.

And half (50%) of those who plan to buy a property in the next year admitted they don’t know their score.

However, the research also revealed that more than one in 10 people who applied for a mortgage in the UK were denied, and a poor credit score could be the reason for this result.

Despite this, nearly two-thirds (60%) said they’d never taken steps to improve their credit rating, while a further 13% weren’t clear how to do so.

Peter Beaumont, CEO at The Mortgage Lender said: “The number of people who don’t know their credit score, despite wanting to make big purchases like buying a house, is a worrying trend. It shows there is a need for education among UK adults on what their credit score is, how it could impact major buying decisions such as home buying, and how to improve it.

“With house prices rising rapidly, it’s already a challenge for many buyers to either get on or move up the property ladder and understanding your credit score early on will help you to plan ahead and access finance when you need.”