Questions On Equity Release

[marc11]

I am living in southern Thailand with my Thai wife (who is a house wife), I work world wide and stay in Thailand about 6 month a year on a non o married visa.

We bought land and built our own house several years ago, all in the wife’s name, (who has my surname from marriage), all funds were transferred from a UK bank over a period of 1 year.

We borrowed 1 million bt to complete our house from Thai farmers bank, of which we owe 500k.

The house/land is now valued at 10 million bt

We would like to buy another plot of land priced at roughly 6 million bt

Is it possible to release equity (5 million) from the house by taking out a house loan/re-mortgage with a Thai bank?

[quiksilva]

I had a few friends who tried/looked into this, and failed. I have never heard of anyone being able to successfully re-mortgage a property here.

[marc11]

I had a few friends who tried/looked into this, and failed. I have never heard of anyone being able to successfully re-mortgage a property here.

I am amazed that its not allowed/done here, i mean in the UK (i know we are not in the UK) the banks would snap your arm off if you wanted to re-mortgage with so much equity in a property.

I'm loathed to bring any more money into this country.

Anyone shed any light as to why re-mortgaging is not the done thing out here?

[samran]

I had a few friends who tried/looked into this, and failed. I have never heard of anyone being able to successfully re-mortgage a property here.

I am amazed that its not allowed/done here, i mean in the UK (i know we are not in the UK) the banks would snap your arm off if you wanted to re-mortgage with so much equity in a property.

I'm loathed to bring any more money into this country.

Anyone shed any light as to why re-mortgaging is not the done thing out here?

probably risk profile and market liquidity. Bank could very easily (in their eyes) be stuck with two hard to move properties, rather than one.