Mortgages

[carlo1]

Hi All.

Our situaution is my wife is over in the Uk, and has taken my surname, she is 1 year into a 2 year settlement visa.

We are looking at buying property in Thailand, at first i was going for a cheap condo, payment outright and could not see any problems.

Now my wife in insisting that she will have no part in buying a condo, as you dont get to own the land etc, i can see her point and understand Thais in general dont like the idea of condos.

So we looked in to the purchase of a house.

Whilst i was prepared to buy a cheap condo, i am not prepared to shell out 5+ million on a house/land, as this would mean me refinancing my house in the Uk, which i have just finished paying for at a young age, i have been very lucky as my gran payed it of in her will.

So we have reached a compramise, i would be willing to pay a decent deposit, if she can get some finance on her own in Thailand, as she works in the UK, we would pay the monthly payments between us.

I realise if we purchase a house/land etc this would be in her name, and have no problem with this, but my question is how hard would it be for her to obtain a mortgage, living in England?

She has a couple of bank accounts in Thailand, but has never really had much money in them, but we have started to filter money on a monthly basis to her account with the bbank.

Any advice would be much appreciated, is their anything we could be doing now, to enable her chances of a mortgage in the future, ie would it help/be a neccessaty for her to have a large amount of money in her account in thailand.

many thanks

Carlo

[malcolminthemiddle]

Hi All.

Our situaution is my wife is over in the Uk, and has taken my surname, she is 1 year into a 2 year settlement visa.

We are looking at buying property in Thailand, at first i was going for a cheap condo, payment outright and could not see any problems.

Now my wife in insisting that she will have no part in buying a condo, as you dont get to own the land etc, i can see her point and understand Thais in general dont like the idea of condos.

So we looked in to the purchase of a house.

Whilst i was prepared to buy a cheap condo, i am not prepared to shell out 5+ million on a house/land, as this would mean  me refinancing my house in the Uk, which i have just finished paying for at a young age, i have been very lucky as my gran payed it of in her will.

So we have reached a compramise, i would be willing to pay a decent deposit, if she can get some finance on her own in Thailand, as she works in the UK, we would pay the monthly payments between us.

I realise if we purchase a house/land etc this would be in her name, and have no problem with this, but my question is how hard would it be for her to obtain a mortgage, living in England?

She has a couple of bank accounts in Thailand, but has never really had much money in them, but we have started to  filter money on a monthly basis to her account with the bbank.

Any advice would be much appreciated, is their anything we could be doing now, to enable her chances of a mortgage in the future, ie would it help/be a neccessaty for her to have a large amount of money in her account in thailand.

many thanks

Carlo

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Hi Carlo,

If you plan to build your own house, I suggest you use your deposit to first buy the land. Your wife would need to show she owned the land to get a mortgage to build the house, which I understand is generally limited to 80% of the construction cost. Employment conditions of the borrower are different depending on the bank and you should talk to them directly, next time you are in Thailand, but I do understand banks will take into account the salaries of spouses.

I also understand that the same rules apply to buying an existing house, providing the deposit is at least equal to the banks valuation of the land.

[Dragonman]

Hi All.

Our situaution is my wife is over in the Uk, and has taken my surname, she is 1 year into a 2 year settlement visa.

We are looking at buying property in Thailand, at first i was going for a cheap condo, payment outright and could not see any problems.

Now my wife in insisting that she will have no part in buying a condo, as you dont get to own the land etc, i can see her point and understand Thais in general dont like the idea of condos.

So we looked in to the purchase of a house.

Whilst i was prepared to buy a cheap condo, i am not prepared to shell out 5+ million on a house/land, as this would mean  me refinancing my house in the Uk, which i have just finished paying for at a young age, i have been very lucky as my gran payed it of in her will.

So we have reached a compramise, i would be willing to pay a decent deposit, if she can get some finance on her own in Thailand, as she works in the UK, we would pay the monthly payments between us.

I realise if we purchase a house/land etc this would be in her name, and have no problem with this, but my question is how hard would it be for her to obtain a mortgage, living in England?

She has a couple of bank accounts in Thailand, but has never really had much money in them, but we have started to  filter money on a monthly basis to her account with the bbank.

Any advice would be much appreciated, is their anything we could be doing now, to enable her chances of a mortgage in the future, ie would it help/be a neccessaty for her to have a large amount of money in her account in thailand.

many thanks

Carlo

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From what you say I presume you do not intend living in Thailand permanently. If not why have you gone from a cheap condo to 5m baht house? My wife also did not want a condo but I've got a 3 bedroom bungalow for 1.4 million. Where are you looking to buy?

Banks will not be keen to lend based on this being a second home and all your income being derived from UK.Will probably require 30%-40% deposit even if they agree to it.

[Diggerbasher]

There are a number of UK institutionst hat give mortgages on foreign property but i don't think Thailand is on the list.Google.

[carlo1]

From what you say I presume you do not intend living in Thailand permanently. If not why have you gone from a cheap condo to 5m baht house? My wife also did not want a condo but I've got a 3 bedroom bungalow for 1.4 million. Where are you looking to buy?

Banks will not be keen to lend based on this being a second home and all your income being derived from UK.Will probably require 30%-40% deposit even if they agree to it.

Hi.

Origionaly, i was going to make do with a condo in Pattaya, maximum 2 million, just for hollidays, maybe rent it out a little, but after a lot of thought, when we are able to live in Thailand permanantley, it will probably be in Samui, as her familly has several buissnesess in Chaweng and Lamai, so looking to the future we ideally would purchase in Samui, as we will have a head start in buissness.

This is not going to happen yet for a few years though, hence i thought we could get started on some land/or a house.

I have no problem with a reasonable deposit, and repaymnets would not be a problem, i just wondered how hard it would be for a Thai to get a mortgage.

Looking around the net, property seems to be very expensive around samui, hence my 5 million+ price expectation.

Where did you buy for 1.4 million, and how long ago, if you dont mind me asking?

[Dragonman]

From what you say I presume you do not intend living in Thailand permanently. If not why have you gone from a cheap condo to 5m baht house? My wife also did not want a condo but I've got a 3 bedroom bungalow for 1.4 million. Where are you looking to buy?

Banks will not be keen to lend based on this being a second home and all your income being derived from UK.Will probably require 30%-40% deposit even if they agree to it.

Hi.

Origionaly, i was going to make do with a condo in Pattaya, maximum 2 million, just for hollidays, maybe rent it out a little, but after a lot of thought, when we are able to live in Thailand permanantley, it will probably be in Samui, as her familly has several buissnesess in Chaweng and Lamai, so looking to the future we ideally would purchase in Samui, as we will have a head start in buissness.

This is not going to happen yet for a few years though, hence i thought we could get started on  some land/or a house.

I have no problem with a reasonable deposit, and repaymnets would not be a problem, i just wondered how hard it would be for a Thai to get a mortgage.

Looking around the net, property seems to be very expensive around samui, hence my 5 million+ price expectation.

Where did you buy for 1.4 million, and how long ago, if you dont mind me asking?

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Live in Sattahip, 30 minutes from Pattaya. 3 bedroom bungalow with 205 talang wah of land. Bought last year. If you have a 2 million deposit there would probably be a reasonable chance of a mortgage in your wife's name, with you as a guarantor. Even greater advantage if your wife has any family who could also act as guarantor.

[ando]

There were some very nice house and land packages going around Sattihip for 1.2 to 1.8 mil baht when I was there last year. Western style bathrooms, but nothing in the kitchen in the way of western style fittings. Ceiling fans but no aircon and no hot water. And all the windows were made with wooden frames.

For 2 mil you could have a very comfortable little place at Sattihip fitted out in western style.

We bought an old wooden place on a small block which we plan to demolish and rebuild in a few years time. Price was 750,000 baht.

It appears to me that the price to build a comfortable little 3 bedroom home is around 1 million and land is around 800,000 for a 500 sq. meter block. Thats Thai prices and in a Thai neighborhood (new estate), and also last years prices. They may have risen since then.

I am not sure what the land prices are on Samui, but I would be a little suspicious of the 5mil price tag unless you plan to build a rather large house.

From what you say I presume you do not intend living in Thailand permanently. If not why have you gone from a cheap condo to 5m baht house? My wife also did not want a condo but I've got a 3 bedroom bungalow for 1.4 million. Where are you looking to buy?

Banks will not be keen to lend based on this being a second home and all your income being derived from UK.Will probably require 30%-40% deposit even if they agree to it.

Hi.

Origionaly, i was going to make do with a condo in Pattaya, maximum 2 million, just for hollidays, maybe rent it out a little, but after a lot of thought, when we are able to live in Thailand permanantley, it will probably be in Samui, as her familly has several buissnesess in Chaweng and Lamai, so looking to the future we ideally would purchase in Samui, as we will have a head start in buissness.

This is not going to happen yet for a few years though, hence i thought we could get started on  some land/or a house.

I have no problem with a reasonable deposit, and repaymnets would not be a problem, i just wondered how hard it would be for a Thai to get a mortgage.

Looking around the net, property seems to be very expensive around samui, hence my 5 million+ price expectation.

Where did you buy for 1.4 million, and how long ago, if you dont mind me asking?

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