Mortgage For Condo

[rstfiesta]

Hi guys, i am seriously interested in buying a condo in Pattaya for about 2/3m thb when i next go back in January. I do not have the cash for this but have opened a account with the HSBC in an attempt to get the mortgage through there Bangkok branch then pay for it from the UK on a monthly basis.

On looking at the HSBC Thai web site though to meet there lending requirements you need to have a Certificate of Residence and need to be working in Thailand is this right? or can i do as planned and work in the UK and pay from the UK without the above. i tried phoning there bank but the girl did not speak English too well so confused me.

The only other option i can think of to get the money is marrying my Thai girl then get her to apply for a mortgage and i go guarantor on it! is this possible?

Any help on the above would be greatly appreciated as i have spent days emailing Thai/Singapore banks trying to get a mortgage with no success and days searching the net so am getting fed up now.

[InterestedObserver]

You really need a job in Thailand to even think about a mortgage from a Thai bank. How nice of you to offer to buy a condo for a lucky Thai girl!

[trajan]

do you have any property in the UK? HSBC (UK) might be able extend a mortgage loan to you and you could then remit the loan disbursement into Thailand (into your HSBC Thailand account, with a FX transaction form) to purchase the Thailand condo in your own name.

[hhgz]

"The only other option i can think of to get the money is marrying my Thai girl then get her to apply for a mortgage and i go guarantor on it!"

If that's the only thing you can think of, I wish you well. Frankly, I'd only get married if I loved the woman, not just to get money to buy her a home. But, hey, that's me.

[aussiebebe]

Hi guys, i am seriously interested in buying a condo in Pattaya for about 2/3m thb when i next go back in January. I do not have the cash for this but have opened a account with the HSBC in an attempt to get the mortgage through there Bangkok branch then pay for it from the UK on a monthly basis.

On looking at the HSBC Thai web site though to meet there lending requirements you need to have a Certificate of Residence and need to be working in Thailand is this right? or can i do as planned and work in the UK and pay from the UK without the above. i tried phoning there bank but the girl did not speak English too well so confused me.

The only other option i can think of to get the money is marrying my Thai girl then get her to apply for a mortgage and i go guarantor on it! is this possible?

Any help on the above would be greatly appreciated as i have spent days emailing Thai/Singapore banks trying to get a mortgage with no success and days searching the net so am getting fed up now.

Welcome to TV fstfiesta, hope you can find the information you need. To the best of my knowledge;

1) you'll need a large deposit at HSBC to be considered for a mortgage, the rates aren't attractive on either the HSBC savings account, or the mortgage; did you read the HSBC terms? you'll need to reside in Thailand to get a mortgage, and if you are non-resident, they charge a monthly account fee of 500baht I believe. It's a little like becoming an HSBC Premier customer but without any benefits.

2) no, you can't be guarantor on a mortgage for you future wife.

If you are serious about buying a Condo in Pattaya, complete with monthly service charges, insurances and sinking fund contributions, then you are best off saving and buying in cash. It all seems strangely unnecessary as you're based in the UK, but you'll have tax-free saving options in the UK -

wish you the best of luck, but I would recommend you look into the realities of Visa and residency issues; condos are hard to buy or sell if you're not in the country!

[stgrhe]

Yearly last year I had a meeting with one of the managers at the HSBC office in Bangkok and I was then told that HSPC would only provide loans for properties located in the Bangkok Metropolitan area.

HSBC is regarded as a foreign bank and have supposedly restriction on their operation abilities here in Thailand according to rules from Bank of Thailand.

The purpose for my meeting was to evaluate the possibilities for a loan in my wife's name with me as a guarantor. We ruled out HSBC as we had no intention to buy something in Bangkok and in the end of the day we opted to use our own money as all Thai bank's we asked offered very poor terms.