Expat Mortgage

[corkman]

Hi All,

Could anyone give me the no-nonesense run down on mortages in Thailand. I am an expat, living and working here, with a workpermit and all that.

I aware of the debate as to whether a farang should buy property in his wifes name and all that ... scams..... getting ripped off.....bla bla bla..... we're married 10 years and that's that - it is not an issue for me, so I'd rather not get into it.

The purpose of this thread is what should I be doing in order to "build a case" for me to get a mortgage, and what generally would the mechanism be - i.e. by the house in her name, mortage in my name.... joint mortgages..... or what? The wife doesn't work, she's a full time mom - so should I open an account with any particular bank, and should I be channelling funds through her account, or open a joint account, or won't that make any difference ...... just so that if and when we decide to get a mortage then we have all the boxes ticked.

Many thanks in advance.

CM

[cshort64]

Hi Corkman;

I have been down this road myself and have done extensive searching on this topic here and in other places. Just for clarity, I am in a similar situation, married to a Thai, been here along time and have 5 kids so I'm not going anywhere and I doubt she is. With that behind us, here is a few things I have found out:

1. Bangkok Bank or UOB Bank can be the easiest if you work with their Singapore branches, they seem to be the most flexible. The best rate I was quoted was 70% financing and 30% down on the property. This is a bit expensive as well, going to Singapore with all the necessary paperwork does make it easier if you do it face to face but it may take 2 trips unless it all goes smoothly. AirAsia and Jet Star are not that expensive and it may be an option for you.

2. Our real estate agent is rather friendly with 2 seperate bank officers here, one with UOB and one with K Bank and they are willing to give a mortgage if you have all the documenation showing legal marriage, job, work permit, etc...a mountain of paperwork, plus the mortgage goes in your wife's name but they use your income as the income to identify how much you can borrow. This comes down to who you know I guess.

3. I have scoured the banks online and other sources and I have found out from my staff even that GHB (government own) will not help at all as they are a government bank, but K Bank, UOB, Kasikorn Bank have been willing to do mortgages but it comes and goes, the policies do have a tendancy to change base on the political wind or other conditions. This is pure annocdotal information and not first hand experience. On their websites some even say a foreigner can get a loan if married and everything goes in the wife's name, they may not offer a 20 year mortgage it may be much shorter say 10 or 15 years or even have other constraints.

The only thing for sure is that nothing is for sure, banks change the rules often and the policies are vague. If you have a banker that you have worked with for some time you may find him or her a good resource as they may be able to offer some personal assistance for you. I am working with UOB and find it ok, as long as everything is in my wifes name I have not been slowed down.

i'm sure others will have varying opinions on what is the correct thing or even if my information is accurate for today, but this is the most I have heard on the subject lately.

Good Luck

C

[InterestedObserver]

Unless the OP is talking about a foreign quota condo he cannot get a mortgage in his name. The basic fact is that a foreigner cannot own land in Thailand, hence he cannot get a mortgage on the property. However, he could be a cosigner on his wife's mortgage.

Edited August 21, 2010 by InterestedObserver

[corkman]

Thanks guys;

Yes, no prob with the house and mortgage going in the wifes name and me being a co-signatory etc. Its all the one to me...... the bottom line is all I am concerned about i.e. paying the smallest deposit and the lowest interest rate.

Incidentally, what is the typical interest rate and/or typical cost per MB over say 20yrs?

Cheers,

CM

[InterestedObserver]

You need to be more concerned with finding a bank, any bank, willing to extend a mortgage to your wife who has no job and apparently no bank account or credit history. If you can find such a bank they will require a significant deposit. You need to find a house in your price range and then go mortgage hunting. You can estimate monthly payments with simple math. It won't be easy. Good luck.

[johninbkk]

I have 2 mortgages and just arranged another for a client. It took 4 days to approve and was all cleared in 10 days, Inc property transfer.

GURANTEED. Pm me if you'd like more info.

or 0822181611

[manhattan55]

Another (new) source of financing for expats in Thailand for the purchase of property in Thailand is the use of offshore funds. Apparently these funds are up and running, according to the info I get on a regular basis from my finacial advisor in BKK. However, I personally don 't have any further experience with this. If you want to know more, I can probably get the info for you. Let me know.

[BJTheBear]

I have 2 mortgages and just arranged another for a client. It took 4 days to approve and was all cleared in 10 days, Inc property transfer.

GURANTEED. Pm me if you'd like more info.

or 0822181611

Hi John , Maybe you might be able to offer some help and advice to me in regards to a mortgage in Thailand. Our Situation: My Wife and I are considering building a house on one of three blocks

of land that my wife owns in Thailand. My wife is a Thai National originally from Nakhon Ratchasima or otherwise known as Khorat. We have been married for just over 6 years and we currently live and work

in Perth Western Australia. We visit Thailand every year and are now thinking of moving back there permanently to live and work possibly within the next 1-2 years.

We have been in touch with a house builder in Thailand and have selected the type and style of house that we wish to build at a cost of 3 million THB but the cost could increase depending on additions

that we may require.

We do not have enough funds to pay cash outright for the house and have been considering trying to get a mortgage, We have enough funds for at least a 30% deposit on that figure of 3 million THB or more.

As stated, we both work here in Western Australia and have good jobs, little or no debt and an annual combined salary of $!60,000.00AU or 4,487,262.74 THB based on the current exchange rate .So it appears

that we would not have a problem servicing a mortgage loan.

What i need to find out is: Is it possible to use the block or blocks of land as collatteral with a cash deposit for a mortgage?

Is it possible to get a mortgage at all while both of us work overseas and pay the mortgage payments from overseas?

Would my age of 62 years be a negative factor in obtaining a mortgage at all in Thailand?

I realize that nothing can be in my name and that as a Farang it all has to be in my wifes name.

As far as security goes, I have a Life Insurance Policy with my wife as sole benficiary should i die before the mortgage is paid off , the pay out from this policy more than pay out what is owed if this happened.

We will be visiting Thailand again in December this year for one month.

We would greatly appreciate any help or advice in being able to get a suitable mortgage, Please PM me at any time if you can point us in the right direction

Any help at all would be much appreciated, BJ.

[ESB7]

I have 2 mortgages and just arranged another for a client. It took 4 days to approve and was all cleared in 10 days, Inc property transfer.

GURANTEED. Pm me if you'd like more info.

or 0822181611

Hi John , Maybe you might be able to offer some help and advice to me in regards to a mortgage in Thailand. Our Situation: My Wife and I are considering building a house on one of three blocks

of land that my wife owns in Thailand. My wife is a Thai National originally from Nakhon Ratchasima or otherwise known as Khorat. We have been married for just over 6 years and we currently live and work

in Perth Western Australia. We visit Thailand every year and are now thinking of moving back there permanently to live and work possibly within the next 1-2 years.

We have been in touch with a house builder in Thailand and have selected the type and style of house that we wish to build at a cost of 3 million THB but the cost could increase depending on additions

that we may require.

We do not have enough funds to pay cash outright for the house and have been considering trying to get a mortgage, We have enough funds for at least a 30% deposit on that figure of 3 million THB or more.

As stated, we both work here in Western Australia and have good jobs, little or no debt and an annual combined salary of $!60,000.00AU or 4,487,262.74 THB based on the current exchange rate .So it appears

that we would not have a problem servicing a mortgage loan.

What i need to find out is: Is it possible to use the block or blocks of land as collatteral with a cash deposit for a mortgage?

Is it possible to get a mortgage at all while both of us work overseas and pay the mortgage payments from overseas?

Would my age of 62 years be a negative factor in obtaining a mortgage at all in Thailand?

I realize that nothing can be in my name and that as a Farang it all has to be in my wifes name.

As far as security goes, I have a Life Insurance Policy with my wife as sole benficiary should i die before the mortgage is paid off , the pay out from this policy more than pay out what is owed if this happened.

We will be visiting Thailand again in December this year for one month.

We would greatly appreciate any help or advice in being able to get a suitable mortgage, Please PM me at any time if you can point us in the right direction

Any help at all would be much appreciated, BJ.

Look for a new builder, 3 mill on a housebuild, that must be something really special costing that much

[BJTheBear]

I have 2 mortgages and just arranged another for a client. It took 4 days to approve and was all cleared in 10 days, Inc property transfer.

GURANTEED. Pm me if you'd like more info.

or 0822181611

Hi John , Maybe you might be able to offer some help and advice to me in regards to a mortgage in Thailand. Our Situation: My Wife and I are considering building a house on one of three blocks

of land that my wife owns in Thailand. My wife is a Thai National originally from Nakhon Ratchasima or otherwise known as Khorat. We have been married for just over 6 years and we currently live and work

in Perth Western Australia. We visit Thailand every year and are now thinking of moving back there permanently to live and work possibly within the next 1-2 years.

We have been in touch with a house builder in Thailand and have selected the type and style of house that we wish to build at a cost of 3 million THB but the cost could increase depending on additions

that we may require.

We do not have enough funds to pay cash outright for the house and have been considering trying to get a mortgage, We have enough funds for at least a 30% deposit on that figure of 3 million THB or more.

As stated, we both work here in Western Australia and have good jobs, little or no debt and an annual combined salary of $!60,000.00AU or 4,487,262.74 THB based on the current exchange rate .So it appears

that we would not have a problem servicing a mortgage loan.

What i need to find out is: Is it possible to use the block or blocks of land as collatteral with a cash deposit for a mortgage?

Is it possible to get a mortgage at all while both of us work overseas and pay the mortgage payments from overseas?

Would my age of 62 years be a negative factor in obtaining a mortgage at all in Thailand?

I realize that nothing can be in my name and that as a Farang it all has to be in my wifes name.

As far as security goes, I have a Life Insurance Policy with my wife as sole benficiary should i die before the mortgage is paid off , the pay out from this policy more than pay out what is owed if this happened.

We will be visiting Thailand again in December this year for one month.

We would greatly appreciate any help or advice in being able to get a suitable mortgage, Please PM me at any time if you can point us in the right direction

Any help at all would be much appreciated, BJ.

Look for a new builder, 3 mill on a housebuild, that must be something really special costing that much

The house in mind is a 4 bedroom, 4 bathroom, 2 kitchen 2 story house 190 square metres viewed on (surin farang community forum) (Alan the Builder) (Gallery) - A House Completed in Khon Kaen ( Start to finish Pictures ):

If there are any other builders who can do similar houses with the same quality......but cheaper...........................................Then naturally i would be interested .................BJ.

[ExpatJ]

HSBC Premium members in Thailand (expats) can get a 50,000 US$ home loan pretty much no questions asked!

[InterestedObserver]

HSBC Premium members in Thailand (expats) can get a 50,000 US$ home loan pretty much no questions asked!

Home, not condo, mortgage in expat name, I think not. How does HSBC get around the land ownership issue?

[BJTheBear]

Hi, is there any more people out there? that might be able to help me with information?

[BJTheBear]

I have 2 mortgages and just arranged another for a client. It took 4 days to approve and was all cleared in 10 days, Inc property transfer.

GURANTEED. Pm me if you'd like more info.

or 0822181611 Hi John, In regards to this post ( PM me if you would like more info?) I did answer this post as seen below (Could you please get back to me with more info by return post, or email me at [email protected]) I would love to hear from you as soon as possible please

Hi John , Maybe you might be able to offer some help and advice to me in regards to a mortgage in Thailand. Our Situation: My Wife and I are considering building a house on one of three blocks

of land that my wife owns in Thailand. My wife is a Thai National originally from Nakhon Ratchasima or otherwise known as Khorat. We have been married for just over 6 years and we currently live and work

in Perth Western Australia. We visit Thailand every year and are now thinking of moving back there permanently to live and work possibly within the next 1-2 years.

We have been in touch with a house builder in Thailand and have selected the type and style of house that we wish to build at a cost of 3 million THB but the cost could increase depending on additions

that we may require.

We do not have enough funds to pay cash outright for the house and have been considering trying to get a mortgage, We have enough funds for at least a 30% deposit on that figure of 3 million THB or more.

As stated, we both work here in Western Australia and have good jobs, little or no debt and an annual combined salary of $!60,000.00AU or 4,487,262.74 THB based on the current exchange rate .So it appears

that we would not have a problem servicing a mortgage loan.

What i need to find out is: Is it possible to use the block or blocks of land as collatteral with a cash deposit for a mortgage?

Is it possible to get a mortgage at all while both of us work overseas and pay the mortgage payments from overseas?

Would my age of 62 years be a negative factor in obtaining a mortgage at all in Thailand?

I realize that nothing can be in my name and that as a Farang it all has to be in my wifes name.

As far as security goes, I have a Life Insurance Policy with my wife as sole benficiary should i die before the mortgage is paid off , the pay out from this policy more than pay out what is owed if this happened.

We will be visiting Thailand again in December this year for one month.

We would greatly appreciate any help or advice in being able to get a suitable mortgage, Please PM me at any time if you can point us in the right direction

Any help at all would be much appreciated, BJ.

Look for a new builder, 3 mill on a housebuild, that must be something really special costing that much

The house in mind is a 4 bedroom, 4 bathroom, 2 kitchen 2 story house 190 square metres viewed on (surin farang community forum) (Alan the Builder) (Gallery) - A House Completed in Khon Kaen ( Start to finish Pictures ):

If there are any other builders who can do similar houses with the same quality......but cheaper...........................................Then naturally i would be interested .................BJ.

[skybluestu]

I have 2 mortgages and just arranged another for a client. It took 4 days to approve and was all cleared in 10 days, Inc property transfer.

GURANTEED. Pm me if you'd like more info.

or 0822181611

Hi John , Maybe you might be able to offer some help and advice to me in regards to a mortgage in Thailand. Our Situation: My Wife and I are considering building a house on one of three blocks

of land that my wife owns in Thailand. My wife is a Thai National originally from Nakhon Ratchasima or otherwise known as Khorat. We have been married for just over 6 years and we currently live and work

in Perth Western Australia. We visit Thailand every year and are now thinking of moving back there permanently to live and work possibly within the next 1-2 years.

We have been in touch with a house builder in Thailand and have selected the type and style of house that we wish to build at a cost of 3 million THB but the cost could increase depending on additions

that we may require.

We do not have enough funds to pay cash outright for the house and have been considering trying to get a mortgage, We have enough funds for at least a 30% deposit on that figure of 3 million THB or more.

As stated, we both work here in Western Australia and have good jobs, little or no debt and an annual combined salary of $!60,000.00AU or 4,487,262.74 THB based on the current exchange rate .So it appears

that we would not have a problem servicing a mortgage loan.

What i need to find out is: Is it possible to use the block or blocks of land as collatteral with a cash deposit for a mortgage?

Is it possible to get a mortgage at all while both of us work overseas and pay the mortgage payments from overseas?

Would my age of 62 years be a negative factor in obtaining a mortgage at all in Thailand?

I realize that nothing can be in my name and that as a Farang it all has to be in my wifes name.

As far as security goes, I have a Life Insurance Policy with my wife as sole benficiary should i die before the mortgage is paid off , the pay out from this policy more than pay out what is owed if this happened.

We will be visiting Thailand again in December this year for one month.

We would greatly appreciate any help or advice in being able to get a suitable mortgage, Please PM me at any time if you can point us in the right direction

Any help at all would be much appreciated, BJ.

Look for a new builder, 3 mill on a housebuild, that must be something really special costing that much

The house in mind is a 4 bedroom, 4 bathroom, 2 kitchen 2 story house 190 square metres viewed on (surin farang community forum) (Alan the Builder) (Gallery) - A House Completed in Khon Kaen ( Start to finish Pictures ):

If there are any other builders who can do similar houses with the same quality......but cheaper...........................................Then naturally i would be interested .................BJ.

10,000baht per sq mtr is the norm for a two-storey house so a 190sq mtr house would be 1.9 Million baht, seems 3 million is a tad high.

[GarryP]

I am going through this also. Rather than worrying too much about interest rates, you first need to find a bank willing to give you a mortgage. In my case, I have been married to my wife for 20 odd years and have a 21 year old son. The housing estate developer got in touch with the banks and I also did a bit of shopping. Bangkok Bank is prepared to give us a mortgage where my wife and my son are the actual borrowers, but the mortgage is based on my income and the house will go in my son's name. Based on my income the bank is prepared to provide a 100 percent mortgage. Nice to know but I don't want it. I only want about 20-30 percent. My son signed the contract with the housing estate, which wouldn't let us sign until the bank confirmed that we qualify. Obviously, I will not take out the mortgage until the house is finished so am just paying off the down payment at the moment.

From my shopping around, I also was informed that I would qualify with the UOB Bank and Standard Chartered. Funnily enough, the Bangkok Bank branches I checked myself were not prepared to grant a mortgage even though I presented the same documents that the housing developer presented. UOB and SC were fine. So to conclude, nothing is written in blood and just because one branch of a particular bank says no does not mean that others will be the same.

Oh and one other thing, when the bank called me to get some more information, the loan officer was taken back by my being able to speak Thai (I speak to quite a good level)and mentioned that obviously I had strong links to Thailand and that definitely is a plus when trying to get loans.