Northpoint Pattaya

[Ground Engineer]

My Northpoint condo will be ready to move into in April.

I bought off plan 3 years ago and put down a 40% deposit.

I need to take out a mortgage for Bhat7.1million. What Im after is some mortgage advice, ie what type of rates should I expect to get? Does any one know of any good deals etc. Can anyone recommend a good mortgage broker!

Cheers GE.

BTW, I live and work in the UK.

[Musongman]

Congratulations, did the same thing with ViewTalay7 at Jomtien Beach, now have possession, but being more modest in price, I was able to pay off monthly while they were building, and the balance was affordable to pay in cash.

Use the Internet to look at agents and financial people in Pattaya, so many there to help foreigners arrange finance for a price. Bangkok dealers might also be useful. Good luck.

[InterestedObserver]

If you expect to register the condo in your foreign name, a Thai mortgage would be a no-no. You need 100% cash from a foreign source transferred into Thailand and documentation of such for the Land Department. This includes the deposit.

Edited January 19, 2010 by InterestedObserver

[scorecard]

If you expect to register the condo a your foreign name, a Thai mortgage would be a no-no. You need 100% cash from a foreign source transferred into Thailand and documentation of such for the Land Department. This includes the deposit.

Bangkok Bank Singapore office have a mortgage availablity for property in Thailand which can provide loan monies and cover the legal requirements of having funds transferred into Thailand from abroad.

But it's quite expensive in terms of costs and fees etc., and the minimum loan available is fairly high.

Several years back I called the Bkk Bank Singapore office. I spoke to a Sinagporean lady who was a good listener and she gave me very clear answers and allerted me to the administrative complexities etc., and the costs.

[stgrhe]

Bangkok Bank Singapore office have a mortgage availablity for property in Thailand ...

Not anymore!

[eljeque]

There are rules concerning Tawr Tawr Sam from the bank. Something like the money must be brought in within the last two years prior to the request for the document. If anyone can add to this, please do. This is the form you need to transfer the property into your own name at the land office.

Also, for the most part, meaning 98%, you are not going to get a mortgage if you are not employed here nor are you retired here with a retriement income.

Now, there are money-lenders who would lend to you, but at a mimimum of 18% / year with lots of upfront fees, and generally no more than a 50% mortgage; this does not sound like something that would suit you.

If you are unable to finance from your home country, then discuss this with the builder and try to buy some time, or see if they have any facilities or can connect you with the facilities to access funds.

You are not in an enviable poosition, and if push comes to shove, and they are really getting pushy about being paid, you may need to sell it fast!

Over the last twenty years, and maybe even longer, foreigners here, again for the most part, the vast majority, pay cash for their properties.

Best of luck to you.

[InterestedObserver]

It would appear that the OP is misinformed or unaware of the requirement for a Foreign Exchange Transaction (FET) form from his Thai bank. The OP will need an FET form for the entire purchase price of the condo, including deposit, for the Land Department before they will transfer ownership into a foreign name. This tends to preclude a mortgage from a Thai bank because foreign currency must be transferred into Thailand before the bank will issue the required FET form. If the OP does not plan on taking direct ownership of the condo then another scenario can be contemplated.

[basjke]

Buying a holiday home and paying with a mortgage?Sure that was the intention when you signed the contract.

Sure there gonna be some interesting deals available in the coming months in the flourishing real estate market of Pattaya.

By the way what is your real relation to Northpoint and raimon land as I just notice that you post the following on 19/03/2009 :

Come and view the progress for yourselves. The new show suites are now open for you to visit on level 3 of Tower A - and represent the quality and attention to detail that will be delivered throughout this project.

And then 6 months later on 06/09/2009 you ask the following question :

Does anyone know if the showrooms on the 3rd floor of the south tower are open for viewing yet

You are not in onew way or another related to Raimon land are you?

Edited January 20, 2010 by basjke

[InterestedObserver]

Does the real estate term 'underwater' come to mind? There must be plenty of people trying to get out from under their Northpoint contracts right about now. Ready to move into in April, if you can come up with the cash.

[PattayaParent]

Does the real estate term 'underwater' come to mind? There must be plenty of people trying to get out from under their Northpoint contracts right about now. Ready to move into in April, if you can come up with the cash.

And if they default on the payment then I assume there's something in the contract to say they lose the 40% and the proprty reverts to Raimon Land.

A lose-lose situation for both parties in the offing.

[PattayaParent]

Does the real estate term 'underwater' come to mind? There must be plenty of people trying to get out from under their Northpoint contracts right about now. Ready to move into in April, if you can come up with the cash.

And if they default on the payment then I assume there's something in the contract to say they lose the 40% and the proprty reverts to Raimon Land.

A lose-lose situation for both parties in the offing.

[Suchada]

Dear Sir,

I have a client interest in 1 bedroom at Northpoint, It's your unit still available to sell ? if yes. could you please send me your unit's details at << Use PM >>

Wait for your reply.

Suchada