Thai Mortgage With A Saving Cooperative

[DavidOxon]

Morning all - me again still squirming on the hook over paying

my Thai builder at the end of next month and trying to negate the current

exchange rates.

Has anyone (married to a Thai or a Thai national) borrowed

money from one of these organisations?

I'm trying to see if it's possible to transfer my UK mortage

to a Thai one (for some obvious and other slightly more subtle reasons)

What level of proof of income would they require?

I'm at the point of thinking of paying tax on a 40k/month income for my wife

for visa reasons, would this also hold water as a proof of income

for my wife when applying for a mortgage?

Could we use the chanote as security?

Any info I'm missing, or additional stuff I need to know gratefully received!

David

PS looking to borrow 1.5m over 5 years @ 7% repayments 30k/month

Edited October 24, 2008 by DavidOxon

[Soutpeel]

Morning all - me again still squirming on the hook over paying

my Thai builder at the end of next month and trying to negate the current

exchange rates.

Has anyone (married to a Thai or a Thai national) borrowed

money from one of these organisations?

I'm trying to see if it's possible to transfer my UK mortage

to a Thai one (for some obvious and other slightly more subtle reasons)

What level of proof of income would they require?

I'm at the point of thinking of paying tax on a 40k/month income for my wife

for visa reasons, would this also hold water as a proof of income

for my wife when applying for a mortgage?

Could we use the chanote as security?

Any info I'm missing, or additional stuff I need to know gratefully received!

David

PS looking to borrow 1.5m over 5 years @ 7% repayments 30k/month

Trying to get a mortage in your own name will be almost impossible from a Thai bank, certainly if its a house and not a condo. (Believe you can get a mortage for a condo through a Thai bank, which one escapes me right now, but the rates and fees where expensive).

My Mrs managed to get a 100% mortage on property she was buying, without an income, with me as co-signatury on the loan for her with SCB, this was quite a few years ago and believe not long after this was approved, the bank rules where changed so you couldnt "back door" it this way.

If you are going to give her a salary, dont see why she shouldnt be approved, as 1.5m is not a big mortage to begin with, but you might be better looking at trying to get the cash via the UK

[DavidOxon]

Morning all - me again still squirming on the hook over paying

my Thai builder at the end of next month and trying to negate the current

exchange rates.

Has anyone (married to a Thai or a Thai national) borrowed

money from one of these organisations?

I'm trying to see if it's possible to transfer my UK mortage

to a Thai one (for some obvious and other slightly more subtle reasons)

What level of proof of income would they require?

I'm at the point of thinking of paying tax on a 40k/month income for my wife

for visa reasons, would this also hold water as a proof of income

for my wife when applying for a mortgage?

Could we use the chanote as security?

Any info I'm missing, or additional stuff I need to know gratefully received!

David

PS looking to borrow 1.5m over 5 years @ 7% repayments 30k/month

Trying to get a mortage in your own name will be almost impossible from a Thai bank, certainly if its a house and not a condo. (Believe you can get a mortage for a condo through a Thai bank, which one escapes me right now, but the rates and fees where expensive).

My Mrs managed to get a 100% mortage on property she was buying, without an income, with me as co-signatury on the loan for her with SCB, this was quite a few years ago and believe not long after this was approved, the bank rules where changed so you couldnt "back door" it this way.

If you are going to give her a salary, dont see why she shouldnt be approved, as 1.5m is not a big mortage to begin with, but you might be better looking at trying to get the cash via the UK

Thanks for that . . . I have the cash in the UK, but don't want to bring it over at the current exchage rate.

David

[Soutpeel]

Morning all - me again still squirming on the hook over paying

my Thai builder at the end of next month and trying to negate the current

exchange rates.

Has anyone (married to a Thai or a Thai national) borrowed

money from one of these organisations?

I'm trying to see if it's possible to transfer my UK mortage

to a Thai one (for some obvious and other slightly more subtle reasons)

What level of proof of income would they require?

I'm at the point of thinking of paying tax on a 40k/month income for my wife

for visa reasons, would this also hold water as a proof of income

for my wife when applying for a mortgage?

Could we use the chanote as security?

Any info I'm missing, or additional stuff I need to know gratefully received!

David

PS looking to borrow 1.5m over 5 years @ 7% repayments 30k/month

Trying to get a mortage in your own name will be almost impossible from a Thai bank, certainly if its a house and not a condo. (Believe you can get a mortage for a condo through a Thai bank, which one escapes me right now, but the rates and fees where expensive).

My Mrs managed to get a 100% mortage on property she was buying, without an income, with me as co-signatury on the loan for her with SCB, this was quite a few years ago and believe not long after this was approved, the bank rules where changed so you couldnt "back door" it this way.

If you are going to give her a salary, dont see why she shouldnt be approved, as 1.5m is not a big mortage to begin with, but you might be better looking at trying to get the cash via the UK

Thanks for that . . . I have the cash in the UK, but don't want to bring it over at the current exchage rate.

David

Even if your Mrs gets approved for a loan, can tell you chances are you will not have the money released by the bank in time to pay your builders anyway...if memory serves whole process for my Mrs took close to 12 weeks, they wanted my WP, payslips, letter from the company I was working for at time etc etc....its quite a painless process (for me) but takes time...