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Can my Thai wife get a mortgage with no work history?


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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.

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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.

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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? 

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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?

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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.

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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. 

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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.

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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.

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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. 

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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

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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.

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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? 

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  • 3 weeks later...

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