Mortgage Question

[Boater]

Hi

Can a Thai National get a Morgage on a Leased Apartment ? IE 30 + 30 + 30

if yes how many percent towards the Unit ( unit already built and not off plan )

Cheers

[stgrhe]

You will have to consult your bank for that and it depends on a number of things such as your wife's monthly income or wealth, whether you have a steady income or wealth and will sponsor your wife, the amount you are asking to borrow, how much you are putting in yourself and the repayment period.

With regards to borrowing, using a lease contract as a guarantee, should probably be ok if you have good bank contacts and the other parameters look good, but remember, there is no such thing as a 30 + 30 + 30 lease. The maximum lease period is 30 years, period!

[loverboy44]

Your wife has to prove a certain income for at least half a year.

What i would try to do is talk your leasee and kindly ask to change the contract into a freehold buying contract because she can own anyway.

It will be difficult to get a loan on a leasehold. Your leasee can get a mortgage on your appartment without telling you.

But again only MHO. I think you have to ask your bank or a lawyer about it.

[loverboy44]

Forgot to say. For me a 30 year leasehold contract is nothing more than a 30 year rental contract and i don't think you will get a mortgage on a rental contract.

[Boater]

hi

thanks for your replies,

this is not for my wife as i am not even married lol

I have a friend who has an aparment that is on a lease, but i have a Thai that may buy if they can get a mortgage

cheers

[Farma]

Similar situation to the one described.

Thai national with well paying job, good credit rating and banking history wanted to purchase commercial building on leased land.

The banks wouldn’t entertain the idea.

Same person had no problems obtaining a large mortgage from the same bank to purchase land soon after.

[trogers]

Similar situation to the one described.

Thai national with well paying job, good credit rating and banking history wanted to purchase commercial building on leased land.

The banks wouldn't entertain the idea.

Same person had no problems obtaining a large mortgage from the same bank to purchase land soon after.

Yep...the bank can auction off the title to a piece of land...but not a building on leased land, unless they can uproot and cart it off the land.

Edited March 20, 2009 by trogers