Would it be wise to try to switch mortgage providers

Hello

We have had our first mortgage review after paying it for 6 months.  It has gone up by almost 300 Euros per month and we were wondering whether it would be a) wise or b) possible to try to find an alternative mortgage provider.

Our mortgage is currently with the developer who built the property's bank.  We were "encouraged" to use them when we purchased our property.

Any help/advice/guidance would be appreciated.

You can very often find this with some developer mortgage products that for the first 6 months there is an incentive period at a lower rate of interest. The problem here is that as a consequence of there being no regulation they are not required to give you an illustration of payments at the end of the incentive period. Thus when you see the monthly payment you think "thats ok" - what you dont know is what it is going to be when the incentive is finished.

remortgage in Spain is horrendously expensive and if you search the mortgage threads you will see there have been numerous postings on this so I am not going to go through the whole lot again. Suffice to say you are probably better to bite the bullet and pay the increased monthly payment as it is both expensive and complicated to try and close the door after the horse has bolted I am afraid.