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1) Is it still possible to get a Spanish mortgage now we have left the European Union?

Yes absolutely, while some lenders may have restricted their lending criteria to Brits as a result of Brexit, here at UCI it is business as usual providing Spanish mortgages to help them buy their property in Spain.

2) Do UCI mainly lend to British buyers, or can you help people from other countries?

Traditionally Brits have been the main buyers in Spain and so have always represented a large part of our client base. During the last few years however, even before Brexit, we have seen a wider range of nationalities buying in Spain who we are helping with their needs as well.

3) Are UCI's mortgage rates cheap and are there long term deals available?

Yes, we have a very competitive mortgage offer and even provide fixed rates for up to 30 years. Most of our competitors are limited to offering variable rates to non-residents. We are also the only lender that doesn’t have products linked to rates, so customers don’t need to worry about taking out and maintaining products that they perhaps don’t want such as life insurance.

4) Can buyers let out their Spanish holiday homes when they have UCI mortgages?

Yes, while the purpose of the purchase must be a primary (main residence) or secondary (holiday) home, we fully understand that people are going to want to rent out their property whilst they are not there.

5) Where are the popular places to buy in Spain for British people?

Wherever there is sun and beaches! We have customers buying all over the Costas from Catalunya to Andalucia. The Canary Islands are popular as well, and the most exclusive properties tend to be in the Balearics.

6) How easy is it to qualify for a Spanish mortgage with UCI?

UCI provides comprehensive support to help customers get mortgage approval, whether they are employed or self-employed. The principal basics are that to a non-resident, the maximum banks are allowed to lend is 70% and debt to incomes must be below 40%. We are ever ready to review cases on the phone or email to assess feasibility before having to gather and send all ones documentation.

7) What tips would you give to buyers keen to purchase Spanish properties?

My recommendation would be to arrange a mortgage in principle beforehand; that way, you can establish a budget and be ready to put money down on the property that has caught your eye before anyone else. We have many customers who come to us at the last moment in a panic as they have put money down on a property and been rejected by the lender they tried. So it is wise to be prepared so you can concentrate on finding a great property and be in pole position when you do.

8) Is there a risk when buying certain types of properties?

An advantage of buying with a Spanish mortgage is that the lender will provide additional scrutiny on the property and carry out a valuation to detect potential issues of concern.  It is sensible to discuss with your lender what you are looking to buy as there are some types of property that banks cannot lend on and others they can lend less.

9) Do buyers have to use your solicitors?

Spanish banks appoint a gestoria who are like legal agents to do the conveyancing. Whilst most Spaniards are happy to leave it at that most foreigners prefer to also contract their own solicitor as they are less familiar with the terrain. This extra support can be handy if property or purchase contract issues crop up. They also can hold power of attorney for the customer to enable completion at the Spanish notary when travel to Spain for this final step is not possible.,

10) Does UCI have a minimum or maximum loan size? Or a minimum property value?

Yes, we have a minimum mortgage amount of 100k and minimum purchases price of 150k. On the upper scale a maximum mortgage amount of 2m and no maximum purchase price!

YOUR SPANISH PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. IF YOUR MORTGAGE IS IN EURO, CHANGES IN THE EXCHANGE RATE MAY INCREASE THE AMOUNTS YOU HAVE TO PAY UNDER YOUR MORTGAGE.

David James Naylor is a Mortgage Consultant at UCI. His email is david.james@redext.uci.com mobile/whatsapp +34 693 460 518 - please mention this article.

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