I have a first in my undergrad degree (Hispanic studies), currently doing an MA in European studies. What happens if I don't get a first there? Could I still be accepted by a good university and get funding? Thanks.

Most masters courses have three grades, Fail, Pass and Pass with distinction. Whilst a pass with distinction will be of more help when looking for funding, there should be no academic bar to getting a PhD place with an ordinary pass (particularly given the First in your Bachelors degree.)

i got a pass and in fact no one has ever asked me what i got for my master's. they are much more interested in your skills and experience than what grade you got on your master's.