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

[keithkarmann]

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.

[1FinickyOne]

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. 

[BritManToo]

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.

[Pumpuynarak]

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.  

[nigelforbes]

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.

[Will B Good]

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?

[KhaoNiaw]

My wife got a mortgage without any work record or income based on me as guarantor. I was working here though.  

[Sparktrader]

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? 

[Olav Seglem]

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?

[keithkarmann]

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. 

[Liverpool Lou]

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.

[Liverpool Lou]

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.

[proton]

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

[JeffersLos]

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. 

[FritsSikkink]

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.

[hotandsticky]

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.

[Pumpuynarak]

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. 

[Seppius]

Only one way to find out, go to your bank and ask

[Sparktrader]

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.

[Sparktrader]

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

[hotandsticky]

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.

[KhaoNiaw]

1 hour ago, Liverpool Lou said:

So no similarity to the OP's wife's situation.

Yes, sorry. I shouldn't have replied. 

[kidneyw]

In 1994 was buying a house for 2.2M baht. Paid a deposit of 1.1

[keithkarmann]

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.

 

 

 

 

[KhunLA]

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"

[1FinickyOne]

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? 

[Adumbration]

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.

[Pumpuynarak]

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. 

[Phnom Penh Trader]

Source of income : Falang ATM.

 

[Rimmer]

Off topic troll posts and replies removed