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UCI offering mortgages to purchase Spanish properties

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UCI Mortgages is offering mortgages to help British borrowers purchase properties in Spain.

Union de Creditos Inmobiliarios (UCI) was established in 1989 and is based in Madrid. It was set up as part of a joint venture between BNP Paribas and Santander.

The bank has a team of English speaking mortgage advisers and provides a same-day consultation. It offers a mortgage decision within two days and instructs a property valuation within two weeks, before issuing a binding mortgage offer.

UCI has a range of competitively priced long-term fixed, tracker and mixed fixed plus Euribor rates. The minimum loan size is 200,000 euros and the maximum is 3,000,000 euros.

The rate is lowered for mortgages over 200,000 euros, and again for loans between 200,000 and 350,000 euros and then for loans over 350,000 euros.

Applicants will need a 30% deposit to qualify for a mortgage plus an additional 15% to contribute toward expenses and taxes. The debt to income ratio after taxes cannot exceed 40%.

Aaron Strutt, product director at Trinity Financial, says: “UCI help buyers check if the property they like is suitable for mortgage purposes, and to confirm how much they will be able to borrow. The bank will need to see evidence to a build-up of savings for the deposit.

“Mortgages are available for residential, second home and buy-to-let purchases. Also for employed, retired and self-employed applicants.”

Call Trinity Financial on 020 7016 0790 to secure a mortgage

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.

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