Spanish mortgage market update - Q&A with UCI's David James Naylor
Trinity Financial has been working with David Naylor from UCI for years, and our brokers refer many of our clients looking for Spanish mortgages to him.
Here are ten questions for David about the Spanish property and mortgage markets.
1) Are many British people buying in Spain? Yes, despite Brexit the British are still the number one buyer in Spain followed by the Germans and French.
2) What are the most popular parts of Spain to buy a home for Brits? Alicante, followed by Tenerife then Malaga.
3) Have property prices come down? Yes, property prices are stabilising now after an initial post-pandemic rush for a better place to live.
4) What has happened to Spanish mortgage rates this year? Rates have been increasing steadily in line with the European Central Bank base rate, however, rates are generally lower than in the UK.
5) Do you expect the Spanish mortgage market to be stable next year? I believe so, after more than a year of the Euribor going up it is now seeming to flatten out and hopefully start to dip soon.
6) Are UCI’s mortgages fixed? Or linked to Euribor? Currently, we have a one, a five and a 10-year fixed product after which the mortgage would revert to a variable (Euribor + margin).
7) Is there a more popular time of the year to buy in Spain? There is generally a good annual flow but we see surges following popular holiday dates in Spain.
8) Are villas still the preferred type of property to buy? To those with a big budget probably but I’d say the majority of clients buy in flats that come with great communal facilities such as swimming pools and tennis courts etc.
9) What is the average mortgage size you arrange? Current averaging at around €230,000 this year.
10) What makes your service different from the other Spanish lenders? And is there a type of client you normally help? Customers really appreciate our great personal service, we are always on hand to help the customers on their journey to buying a property in Spain. We are the only lender that just does mortgages which enables us to process cases a lot faster than banks as well as deal with more complex cases. In fact, a large amount of our clients are self-employed with their own businesses where typically banks can struggle to approve their cases.
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.
The information contained within was correct at the time of publication but is subject to change.
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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