keithkarmann Posted November 9, 2022 Share Posted November 9, 2022 I need some advice on buying a house in Thailand. I have been married to my Thai wife for eight years now. I am fully supporting my wife and our five year old daughter. We built a house in the village five years ago but feel the need to move back to Chiang Mai. My wife has not had a job now for many years now, but we need to know if it is possible to buy a house in my wife's name without her having a work record. I know the place to ask is at my bank but I would just like to know if there is a way around the work record problem and if anybody has obtained a mortgage without a work record. I have a good deposit to buy a house and also I have good pensions. Thanks in advance for any good information. Link to comment Share on other sites More sharing options...
Popular Post 1FinickyOne Posted November 9, 2022 Popular Post Share Posted November 9, 2022 If you were the banker and someone has no work record, you would ask how the money lent will be re-paid... They want reassurance that they will get paid. It's not that complicated. 7 1 Link to comment Share on other sites More sharing options...
Popular Post BritManToo Posted November 9, 2022 Popular Post Share Posted November 9, 2022 26 minutes ago, keithkarmann said: we need to know if it is possible to buy a house in my wife's name without her having a work record. Not possible, she would need the last 6 months wage slips and bank records to get a mortgage. 4 1 2 Link to comment Share on other sites More sharing options...
Popular Post Pumpuynarak Posted November 9, 2022 Popular Post Share Posted November 9, 2022 Yes it is possible. My Thai wife secured a 1.5M mortgage with SCB on our house using my retirement income as she has no employment income. The new house value was 2.9M so she was depositing 1.4M towards the purchase so i imagine the bank took the view that there was plenty of equity if she defaulted on the loan. 3 Link to comment Share on other sites More sharing options...
nigelforbes Posted November 9, 2022 Share Posted November 9, 2022 It might be possible to use existing assets as collateral, either here or overseas, for the loan, as long as they can be assigned. You said you built a house in the village, could that be used perhaps? I do know people who have taken out Thai mortgages using overseas assets, including foreign pension funds. Link to comment Share on other sites More sharing options...
Popular Post Will B Good Posted November 9, 2022 Popular Post Share Posted November 9, 2022 Just now, 1FinickyOne said: really bad advice - the guy has a family and wants to provide for them... Doesn't that happen in England? English people marrying English people and buying in England English people marrying a Thai and buying in Thailand Spot the difference? 1 1 2 Link to comment Share on other sites More sharing options...
KhaoNiaw Posted November 9, 2022 Share Posted November 9, 2022 My wife got a mortgage without any work record or income based on me as guarantor. I was working here though. 1 Link to comment Share on other sites More sharing options...
Sparktrader Posted November 9, 2022 Share Posted November 9, 2022 5 minutes ago, 1FinickyOne said: The guy has a wife and kid... many of us want our family to be provided for... we give them a gift of security... Confucius says: The papa da one who bear da responsibility especially if he da only earner... So? 1 Link to comment Share on other sites More sharing options...
Olav Seglem Posted November 9, 2022 Share Posted November 9, 2022 32 minutes ago, Sparktrader said: Its not in your name so dont do it. Buy a condo in your name or rent. If in 5 years she decides you are no good you lose the lot if you buy a house in her name. So this will be her second house then? Or are you selling your first? Link to comment Share on other sites More sharing options...
keithkarmann Posted November 9, 2022 Author Share Posted November 9, 2022 12 minutes ago, Olav Seglem said: So this will be her second house then? Or are you selling your first? We will be keeping the first house. Link to comment Share on other sites More sharing options...
Liverpool Lou Posted November 9, 2022 Share Posted November 9, 2022 58 minutes ago, Pumpuynarak said: Yes it is possible. My Thai wife secured a 1.5M mortgage with SCB on our house using my retirement income as she has no employment income. Completely different situation, he's not offering his income as part of it. Link to comment Share on other sites More sharing options...
Liverpool Lou Posted November 9, 2022 Share Posted November 9, 2022 55 minutes ago, KhaoNiaw said: My wife got a mortgage without any work record or income based on me as guarantor. I was working here though. So no similarity to the OP's wife's situation. Link to comment Share on other sites More sharing options...
Popular Post proton Posted November 9, 2022 Popular Post Share Posted November 9, 2022 1 hour ago, KhaoNiaw said: My wife got a mortgage without any work record or income based on me as guarantor. I was working here though. How does a wife with no income pay the mortgage? sounds like a mortgage in her name that you pay 2 1 Link to comment Share on other sites More sharing options...
JeffersLos Posted November 9, 2022 Share Posted November 9, 2022 2 hours ago, keithkarmann said: mortgage 1 hour ago, Sparktrader said: If in 5 years she decides you are no good you lose the lot if you buy a house in her name. This is why you insist on a 200 year mortgage. 2 Link to comment Share on other sites More sharing options...
FritsSikkink Posted November 9, 2022 Share Posted November 9, 2022 1 hour ago, Will B Good said: English people marrying English people and buying in England English people marrying a Thai and buying in Thailand Spot the difference? Like English people don't get divorced and end up in all sort of trouble. Get a grip. Link to comment Share on other sites More sharing options...
hotandsticky Posted November 9, 2022 Share Posted November 9, 2022 1 hour ago, Pumpuynarak said: Yes it is possible. My Thai wife secured a 1.5M mortgage with SCB on our house using my retirement income as she has no employment income. The new house value was 2.9M so she was depositing 1.4M towards the purchase so i imagine the bank took the view that there was plenty of equity if she defaulted on the loan. That is not a mortgage, it is pawn-broking. The only identified source of primary repayment is you - and you don't count. 1 Link to comment Share on other sites More sharing options...
Pumpuynarak Posted November 9, 2022 Share Posted November 9, 2022 1 minute ago, hotandsticky said: That is not a mortgage, it is pawn-broking. The only identified source of primary repayment is you - and you don't count. Yes indeed, i could'nt quite believe that SCB would approve a mortgage for wifey using my income when the property was in her sole name. 1 Link to comment Share on other sites More sharing options...
Seppius Posted November 9, 2022 Share Posted November 9, 2022 Only one way to find out, go to your bank and ask 1 Link to comment Share on other sites More sharing options...
Sparktrader Posted November 9, 2022 Share Posted November 9, 2022 24 minutes ago, FritsSikkink said: Like English people don't get divorced and end up in all sort of trouble. Get a grip. Both names on house. Link to comment Share on other sites More sharing options...
Sparktrader Posted November 9, 2022 Share Posted November 9, 2022 18 minutes ago, Pumpuynarak said: Yes indeed, i could'nt quite believe that SCB would approve a mortgage for wifey using my income when the property was in her sole name. Did you sign on as guarantor? If so they come after you if she defaults on loan Link to comment Share on other sites More sharing options...
hotandsticky Posted November 9, 2022 Share Posted November 9, 2022 17 minutes ago, Sparktrader said: Did you sign on as guarantor? If so they come after you if she defaults on loan It would be unusual to take a Farang as guarantor - good luck enforcing that (and Pumpuynarak is not daft enough to sign as guarantor) ..........................usually another family member, preferably a teacher or government worker. Link to comment Share on other sites More sharing options...
KhaoNiaw Posted November 9, 2022 Share Posted November 9, 2022 1 hour ago, Liverpool Lou said: So no similarity to the OP's wife's situation. Yes, sorry. I shouldn't have replied. 1 Link to comment Share on other sites More sharing options...
kidneyw Posted November 9, 2022 Share Posted November 9, 2022 In 1994 was buying a house for 2.2M baht. Paid a deposit of 1.1 Link to comment Share on other sites More sharing options...
keithkarmann Posted November 9, 2022 Author Share Posted November 9, 2022 1 hour ago, Seppius said: Only one way to find out, go to your bank and ask We are going to the bank tomorrow, the worse that can happen is they say no. But it does no harm to try. 2 Link to comment Share on other sites More sharing options...
Popular Post KhunLA Posted November 9, 2022 Popular Post Share Posted November 9, 2022 2 hours ago, keithkarmann said: We are going to the bank tomorrow, the worse that can happen is they say no. But it does no harm to try. Unless the 1st house is sitting on a nice piece of ground, in her name, and is at least 2X the value of what you want to build or buy ... ... why waste the bank staff's time. "Hi, I have no income, can I have some money" 1 2 Link to comment Share on other sites More sharing options...
1FinickyOne Posted November 9, 2022 Share Posted November 9, 2022 8 hours ago, Will B Good said: English people marrying English people and buying in England English people marrying a Thai and buying in Thailand Spot the difference? Racism? Is that what you are talking about? Link to comment Share on other sites More sharing options...
Adumbration Posted November 9, 2022 Share Posted November 9, 2022 Where to you want to buy. Lots and lots of developer/vendor finance deals on offer at the moment due to distressed market. An alternative to having to rely on the banks for the money. Link to comment Share on other sites More sharing options...
Pumpuynarak Posted November 10, 2022 Share Posted November 10, 2022 20 hours ago, Sparktrader said: Did you sign on as guarantor? If so they come after you if she defaults on loan Yes indeed i did but i question how enforceable it would be, i could be here today and gone tomorrow. Link to comment Share on other sites More sharing options...
Phnom Penh Trader Posted November 26, 2022 Share Posted November 26, 2022 Source of income : Falang ATM. 1 Link to comment Share on other sites More sharing options...
Rimmer Posted November 27, 2022 Share Posted November 27, 2022 Off topic troll posts and replies removed Link to comment Share on other sites More sharing options...
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