Frequently asked questions
How can we help you?
How can we help you?
Spey finance is the new way to buy and sell fine art and collectibles, providing financing services tailored to the needs of collectors.
Purchase Finance allows you to finance up to 80% of the sale price, and to repay in 12 convenient monthly instalments.
Consignor Advance means you can get up to 50% of your expected sale proceeds paid up front and only repay when the item is sold.
Our fast, secure, and user-friendly process is designed to enhance the collecting experience.
Spey Finance is available at our partner auction houses, marketplaces, and dealers. An up-to-date list of partners is available on our website.
Our network of partners is always growing and if your desired platform is not listed then contact us as we may still be able to offer you finance.
We accept a broad range of fine art and collectibles, including antiques, sculptures, paintings, designer furniture, luxury watches, and jewellery, typically valued between £4,000 and £100,000 for Purchase Finance, and between £5,000 and £100,000 for Consignor Advance.
The range of assets we accept is always expanding and if you’d like to finance another type of collectible then contact us as we may still be able to offer you finance.
Spey Insights speeds up finance applications by enabling fast verification of your item’s eligibility for finance. Rather than relaying on a time-consuming manual appraisal, the Spey Insights technology employs machine learning (ML) to analyse information relevant to the item and allows us get back to you quickly with an approval decision.
You don’t need to do anything to take advantage of Spey Insights as it’s automatically used when processing your application.
Yes, Spey is a trading name of Speychain Limited, which operates under the regulation of the Financial Conduct Authority (FCA) as an appointed representative of ITC Compliance Limited and our FCA reference number is 1022125.
Applications are made online and only take a few minutes.
No you do not need a referral to apply, although in some cases you may be referred to us by a partner.
We’ll ask you to provide some details about the item when you apply so that we know exactly what you’d like to finance and through which partner. We’ll then reach out to the partner for information about the item and use our specially developed Spey Insights technology along with our network of trusted industry specialists to assess its eligibility.
To be eligible you should:
• Be between 22 and 65 years of age at the time of application.
• Have valid residential UK status and address.
• Have at least one valid UK account from a bank, building society or credit union that provides Open Banking access. The account needs to be at least three months old.
• We can lend to customers who have previously defaulted or have received CCJs however this must be related to a one-off historical situation that has now been fully resolved.
• We can only lend to individuals and not businesses.
Please be aware that meeting these criteria does not guarantee you will be approved.
When you are exploring if Spey finance is right for you, we will run a preliminary "soft" credit search to understand your financial commitments. This soft credit search does not affect your credit score.
Together with Open Banking transaction data, we use the soft credit search to determine if you can afford Spey finance.
We'll only submit a 'hard search' if your application is approved, we need to do this to show other lenders that you now have a loan with us. In the case of Purchase Finance if you are buying an item at auction this will only happen after you have won the item.
Spey uses bank transaction data to understand customers’ financial situation. We do not require a long credit history, but we need to be able to see at least 6 months of your transaction data to make a decision.
When making lending decisions, we take a holistic look at an applicant's financial situation. This includes analysing each applicant's income and expenditure, and credit history, if relevant.
We can lend to customers who have previously defaulted or have received CCJs, provided this is related to a one-off historical situation that has now been fully resolved. Any defaults or CCJs need to be shown as resolved on your credit file before we can approve an application.
Spey will not be able to approve a customer for finance if they are behind with their debt repayments or have recent unresolved credit defaults.
Open Banking is a secure way to give us access to your financial transaction information.
Open Banking was established by the UK Competition & Markets Authority (CMA) to bring more competition and innovation to financial services which, in turn, leads to improved products and customer journeys to help manage your finances.
When you complete your application you'll be asked to capture a video of your Identity Document using your device's camera so that we can verify it is really you applying for the loan. The ID is first passed through our advanced digital screening system and then checked manually by a member of the team.
Accepted Identity Documents are a Passport or a UK Driving License, which must be current and not expired.
You will typically receive a response within 2 working days.
Providing accurate information in your application makes it quicker for us to make a decision. A member of the team will contact you if we need any further information so keep an eye on your email inbox.
Purchase Finance allows collectors to spread the cost of their purchases made either at auction or through a direct sale. You can finance a portion of the purchase price and repay it over 12 convenient monthly instalments.
Up to 80% of the purchase price, but you may choose to finance a lower amount.
The maximum amount that can be financed is subject to our in-house assessment with Spey Insights, which may result in you receiving an offer to finance less than you've requested in your application.
When buying at auction the purchase price is the hammer price and excludes marketplace fees and commission. If you apply before the auction has taken place you will first receive an indicative offer, and a finalised offer once the auction has taken place.
You'll need to pay the portion of the purchase price that is not financed, so if you finance 80% of the purchase price then you'll need to pay the remaining 20%, as well as any marketplace fees and commission up front.
Spey will send the financed amount directly to the marketplace, and you will receive an invoice for the remaining amount which should be paid to the marketplace to ensure the item is paid for.
Repayment is made through 12 convenient monthly instalments which are automatically charged to a debit card.
Yes, you take ownership of the item immediately upon purchase and can enjoy it while repaying the financed amount.
Consignor Advance allows collectors to get paid up front for a portion of the value of an item they consign for sale. Limited to 6 months, repayment and interest can be settled when your item is sold.
Up to 50% of the item’s value, based on our own assessment and that of the partner with whom it is consigned.
Once approved, the funds are typically disbursed within a few days.
Repayment of the advance plus interest can be automatically deducted from the sale proceeds, before any amount in excess of this is returned to you.
You only pay interest until the item is sold, so if the item is sold after 3 months you'll only pay 3 months of interest.
Sometimes items sell for a bit less than expected and if the sale proceeds can still cover repayment of your advance then this won't have an impact, but if the item sells for significantly less than expected and the sale proceeds can't cover full repayment of your advance then you'll receive an invoice for the outstanding amount required to settle it.
In the unfortunate case that your item isn’t sold within 6 months, then the advance may be converted into a new loan with a balance equal to the amount that was due to settle the advance, with an APR of 26.5% and repayments made monthly over a term of 12 months. This will depend on a loan application being made which will be subject to our approval standards.
Between £3,000 and £50,000 depending on the value of the item. Our loan-to-value (LTV) is up to between 50% and 80%. Approval is subject to meeting our eligibility requirements.
Purchase Finance has a term length of 12-months.
Consignor Advance is designed to be repaid when the item is sold, with a term length of up to 6-months to allow for the sale to take place.
For Purchase Finance the interest rate is 12.5% (fixed) and there is a 5% loan fee, both applied to the financed amount. Representative APR 25%.
For Consignor Advance the interest rate is a 26.5% (fixed), with the amount of interest due for repayment equal to the number of days from the start of the term to the day that repayment is made. Representative APR 26.5%.
The amount of each charge applicable to your proposed agreement is shown in the Pre-Contract Credit Information and in the Credit agreement.
You may have to pay the following types of credit charges and fees for either Purchase Finance or Consignor Advance:
• Default charges are £12 per a late payment. If your scheduled repayment fails you'll receive an SMS to let you know. If you make your payment within 7 days the late fee will be automatically refunded.
You may have to pay the following types of credit charges and fees for Purchase Finance only:
• If you request to reduce your monthly repayments then a £100 charge is applicable. We do not charge you to increase your monthly instalment.
Purchase Finance includes a loan fee, also known as an arrangement fee, which is a charge for using the service. You don’t need to pay this upfront as it’s added to your loan balance and paid via regular monthly payments and will accrue interest.
Please note that the loan fee is non-refundable if you pay off your loan early, unless you choose to exercise your right to withdraw from your credit agreement within 14 days.
You have the right, under section 66A of the Consumer Credit Act 1974, to withdraw from the loan agreement and you do not need to give us any reason.
To withdraw from the agreement, you must give us oral or written notice of the withdrawal before the end of the period of 14 days beginning with the day after the day the agreement is made. You can withdraw by contacting us at info@speyfin.com.
After 14 days, you may still repay your loan in full at any time. You will not be charged any fees or penalties for early repayment, although any loan fee applied will still be due in full. You will be charged interest on your balances up until the point that you repay. You can repay early by contacting us at info@speyfin.com.
Spey is partnered with a Lender of Record called Fintern, trading as Abound, who provide the loans for Spey finance. They are regulated by the UK Financial Conduct Authority (FCA) with firm reference number 12472034.
If you think you may have trouble making payments, you should get in contact straight away to discuss your situation.
To do this you should reach out to our partnered lender of record by emailing them at contact@abound.com or calling their Customer Care Team on 01271 444027.
Select ‘Log in’ for our website and use your registered email and password to access your account. If you’re having trouble logging-in then contact us at info@speyfin.com.
If you need to update your personal details, then contact us at info@speyfin.com.
If you aren't satisfied with how we manage our service then please email us at info@speyfin.com, call us on 020 8242 6305, or write to us at 20 Arlington Street, London, United Kingdom, SW1A 1RG.
We do not sell, rent, or share your personal data with third parties for marketing purposes. Your information is used solely for the purposes of processing your loan and providing you with the best possible service.
In some instances, we may need to share your data with trusted partners and service providers who assist us in delivering our services. However, we ensure that these third parties are bound by strict confidentiality agreements and only use your data for the specific purposes outlined in our agreement with them.
If you have any further questions about how we use your data, you can view our Privacy Policy.
We employ the latest data encryption technology as well as industry-standard security measures to protect your personal data from unauthorised access, loss, or misuse. Our robust security protocols ensure that your information is safe with us.
Any transaction data you share with us held securely and we never sell your data to any third parties. We use the data strictly for the following purposes:
• To complete affordability and credit assessments
• Verify your income.
• Help us to make responsible lending decisions.
• Monitor the use of your loan.
• Monitor your ongoing financial situation.
• Improve Spey’s products and services, including by using your data to improve the accuracy of our analytics and credit assessment tools.
If you have any further questions about how we use your data, you can view our Privacy Policy.
Contact us directly at info@speyfin.com to request data deletion in line with GDPR compliance.