The research shows that 1.35 million homeowners feel shackled by penalty clauses they did not take into account in their quest for cheap payments at the start. While more than a third of people (36%) questioned admit they simply went for the cheapest deal at the time, 12% say they regret not taking other factors like charges into account.
One account spokesman, Scott Mowbray, said: "Of course everyone wants the cheapest possible deal because there are so many other expenses when moving home and you want to keep repayments as low as possible. But a significant number of people we spoke to say they now feel trapped and unhappy because they made their decisions based purely on best buy table information. Even those who got all the facts from their advisers say they were seduced by low payments"
The research shows:
• 82% of those who said they were unhappy with their mortgage said it was because it seemed like the best deal at the time but now they don't think so
• 30% of them say they are stuck because they will be penalised if they want to pay off their mortgage quicker
• A fifth made fixed-rate payments their top priority
• Younger homebuyers are most driven by discounted rates at the start of their mortgage - 50% said it was the main driver.
