TheAceFace Posted May 31, 2005 Share Posted May 31, 2005 Security deposit on one of these, with the rest of the deposit to be paid in monthly installments. I am married here and I know that I can not out right own the property. My question is I am working with a full visa and work permit and my wife owns a hawkeer stand selling your local Thai food. Do you think the bank will except our application for the morgage?? The amount BTW is 5mil. Cheers TAF Link to comment Share on other sites More sharing options...
Sumitr Man Posted May 31, 2005 Share Posted May 31, 2005 TAF: yes; provided that: - you put at least 20% down (which it sounds like you are doing with your monthly payments) - you have a WP that has been renewed at least once - you are willing to sign a guarantee for joint and several liability for the loan amount. I would also suggest you also start making monthly deposits to your wife's account for the sum of the mortage amount (if you have not already started doing this). Good Luck! SM Link to comment Share on other sites More sharing options...
TheAceFace Posted May 31, 2005 Author Share Posted May 31, 2005 Cheers SM The deposit is .5 mil which is payable monthly @ 75G. I have a savings account which I will use as a statement of proof, as I am the guaranture and holder of our money would I still need to submit her staement. The property developer thinks my staements should be fine. On another note, do you think I would be eligable for a Thai bank loan in my name for home improvements? Thanks for the input. TAF Link to comment Share on other sites More sharing options...
Rags Posted May 31, 2005 Share Posted May 31, 2005 Just a thought, but in this thread you are about to buy a house with your wife, and in the following thread you are enquiring about the consequence of splitting from the missus and gaining custody of your child. http://www.thaivisa.com/forum/index.php?sh...ndpost&p=364695 Are you sure you want to rush into guaranteeing a mortgage on a house you won't own? Not passing judgement, just commenting on the info available! Cheers Rags Link to comment Share on other sites More sharing options...
TheAceFace Posted May 31, 2005 Author Share Posted May 31, 2005 Appreciate the concern Rags. Just want to cover all bases mate. Hopefully it will not come to that (we all have our ups and downs) but I want to make sure the family is ok. It's just happened to a mate of mine and he's been well stitched. TAF Link to comment Share on other sites More sharing options...
Sumitr Man Posted May 31, 2005 Share Posted May 31, 2005 TAF: You need to be careful about one thing: 0.5m is 10% of 5m - which is the deposit that most Thai banks expect Thais to put down. However, when a farang gets involved, the deposit required is normally 20%, or 1m in your case. So, what you may well find is you have paid 0.5m in no-refundable monthly deposits only to find out that no Thai bank will lend you the mortgage amount unless you put down a further 10% (0.5m) to make-up the 20% financing. Here, many many property developers will tell you that you can get the same financing structure as Thais - i.e. 10% - but once part of the money has been paid, the story changes and is usually accompanied with (1) loss of ability to understand and speak English; and (2) comments to the TW that they have never dealt with a farang before so how should they have know. If I were you, make sure the financing is all arranged before you agree to provide the monthly deposits - I've know literally 100s of farangs who have been badly burnt on this one. As for home improvement loan - it is possible, but unlikely if you're working on such small margins of error. Now, you may well find your wife, who has nothing to use to pay back the loan, will freely be offered the loan; provided you agree to sign a joint and several liability for the additional sum borrowed. It is then up to you to work out the math and decide whether or not it is worth it - especially with % rates projected to rise this year. SM Link to comment Share on other sites More sharing options...
TheAceFace Posted May 31, 2005 Author Share Posted May 31, 2005 SM Thanks a mil for your great advice (appreciated). I will take heed and speak with the developers. Cheers TAF Link to comment Share on other sites More sharing options...
Rags Posted May 31, 2005 Share Posted May 31, 2005 Appreciate the concern Rags. Just want to cover all bases mate. Hopefully it will not come to that (we all have our ups and downs) but I want to make sure the family is ok. It's just happened to a mate of mine and he's been well stitched. TAF <{POST_SNAPBACK}> No worries - Sensible to consider all angles From the point of view of securing your rights to the house, you might be interested in checking out the option being discussed in the following thread. http://www.thaivisa.com/forum/index.php?sh...ndpost&p=347727 Sounds as though the application of this approach (with regard to Farangs), is still being tossed about - but may be of interest! Cheers Rags Link to comment Share on other sites More sharing options...
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