Custom Mortgages

When non-resident buyers are searching for a home in Spain, they need a mortgage option adapted to their needs and special circumstances, very different from those of Spanish buyers. They may find offers for non-residents that seem interesting, however, do they know whether those offers comply with their project and specific situation? UCI’s offer is simple, easy and straightforward, and PERSONALISED.

Personalized UCI mortgages, adapted to your client: “custom made”

  • Your client can choose a mortgage for their dream home, with any term they prefer, from 10 to 30 years (maximum age 75 years, at the end of the term).
  • The International Buyers division of UCI assists non-resident clients that want to buy a home in Spain:
  • For their purchase of a holiday home or main residence (relocation).
  • Offering mortgages from €100,000 up to €2,000,000
  • Up to 70% of the market value for non-residents (minimum between the purchase price and valuation)
  • We can offer a prequalification based on the profile of the client, carrying out a thorough study of their risk profile, even before they decide on the property they want to purchase.
  • How to choose the right product for their project:

FIXED RATES:  For peace of mind:  From 10 to 30 years with a fixed rate the whole term.

The monthly instalments are always the same, so there are no surprises. The client will always know what they will pay every month, even before signing the formal contract with UCI. The instalments don’t depend on the variation of any reference rate. This product makes it easier for clients to plan their monthly expenses knowing exactly what their charge in Euros will be, especially for those outside of the Euro zone, that must also consider the exchange rate variations

MIXED RATES: For the best of both worlds: 2 stages: initial period from 3 to 25 fixed rate (your client can choose), followed by a variable rate until the end of the mortgage (up to 30 years total term).

For the first stage the client will be relaxed, knowing exactly what their monthly expense will be. They can choose how to take advantage of the future market opportunities, limiting their risk due to a long fixed rate period, followed but a short variable stage, or vice-versa, depending on their expectations.

VARIABLE RATES: Because things change: First 1 or 2 years of the mortgage fixed, followed by a variable rate the rest of the term (up to 30 years total term).

Knowing what they will pay the first 1 or 2 years, while they are setting up their new home, is helpful because there are always unexpected surprises and many things to focus on, and at least the mortgage instalments are a constant. But after that, if it’s a client that likes a bit of speculation, they can choose the variable option to take advantage of the Euribor fluctuations.

Every 6 months, the monthly payment will vary depending on the annual Euribor rate published the previous month by the Bank of Spain. The instalment is calculated as follows:

Variable instalment = Euribor reference + margin

To understand the process a bit better, we offer you the following “custom made” example:

Married couple from UK, London residents, who own their property, wish to buy a second home in Mijas, Málaga (Andalucía), where they would like to retire.

 The first applicant, age 58, is the Director of his own company of distribution and installation of electric components. His income comes from a basic salary and dividends.

The second applicant, age 52, works at the same company as a salaried employee as the Accounting Manager.  

They would like to know if they can apply for a mortgage based on their profile, the maximum mortgage amount available to them and term they can apply for, in order to choose a mortgage that allows them peace of mind with affordable instalments.

At UCI we will analyse their profile:

Term:

The maximum term would be limited to the applicants’ ages: the oldest can’t exceed 75 years of age at the maturity of the mortgage.

In this case, we would base the term on the 58-year-old applicant, therefore the maximum term would be 17 years (58+17 = 75).

Product:

We always offer our clients 3 options, through a precise illustration for each mortgage product (fixed, mixed and variable). Therefore, they can compare and choose the best mortgage for them.

 These clients don’t want complications: they want to know exactly what their monthly charge will be throughout the whole term of their mortgage.

They have doubts between a mixed mortgage at 10 years fixed, followed by a variable term; or a fixed mortgage. Finally, they may opt for a fixed mortgage, but choose a 15-year fixed term, because they feel comfortable with the monthly instalments and term.

They may also be keen on the fact that every year they can repay any extra amount under 25% of their pending mortgage without any fee or penalty, so they have the easy option to pay off their mortgage earlier than expected.

They have their illustration and they know exactly what price range of properties they can afford based on their profile and mortgage preferences.

They are now ready to come to Spain to choose the perfect house for them in sunny Andalucía.

Not only a “Custom made” mortgage, but also a qualified professional at your side

Please don’t hesitate to contact your UCI Account Manager or Financial Consultant for more Information, who will always be available by email, video, phone or even to meet with you and your clients personally, adapting their availability to you and your clients’ schedules and personal circumstances, offering a complete “custom made” assistance.