House Loan - Work Permit?

[2long]

My wife is convinced that me having a year-by-year work permit will help the bank lend B2.5m on a B2.8m new house. My thoughts were that it only being valid for a year at a time won't help on a 15 year mortgage. I am not expecting them to lend money to me, nor on my status. My wife is a housewife who has been getting 30,000B/month into her bank for nearly five years (to pay our bills).

I've had the work permit for 11 years but and probably going to give it up (I have reasons).

Any ideas, guys and girls?

[gregb]

If you apply for a mortgage they will look at your combined income in deciding whether you qualify. Your wife is correct that your work permit will not only help the bank lend, but will in fact be the critical factor in their lending decision. Almost all work permits are renewed year to year. It is an irrelevant detail. All employment in Thailand is at will. They look at you no differently than a Thai in this regard. Their internal process includes the knowledge that anyone can get laid off or quit at any time after the loan is given.

I assume when you say your wife has been getting 30k into her account that it has been coming from you. In that case, it is completely irrelevant. You and your wife are legally 1 entity. How you distribute the money between your 2 accounts is not relevant to the loan officer. If you mean that 30k is in addition to the money you make, then you need to be prepared with documentation to show how the money is generated. In that case, the 30k will be added to your income when deciding the maximum loan amount.

As a rule of thumb, you have a good chance of being approved for loans where the monthly payment is up to 40% of your monthly income.

The loan will be written in your wife's name, with you as the guarantor. Any bank other than Government Housing Bank will do this. You can search old threads for how GHB interprets the law, and why they won't give a loan to anyone married to a farang. I won't get into that here. Just stay away from that particular bank.

[Jebhead]

I have done this twice with the wife, she applies for the loan and i guarantee it. The only way it worked both times was by me putting down 50% of my own money, then borrowed the rest.

JH

[Soutpeel]

If you apply for a mortgage they will look at your combined income in deciding whether you qualify. Your wife is correct that your work permit will not only help the bank lend, but will in fact be the critical factor in their lending decision. Almost all work permits are renewed year to year. It is an irrelevant detail. All employment in Thailand is at will. They look at you no differently than a Thai in this regard. Their internal process includes the knowledge that anyone can get laid off or quit at any time after the loan is given.

I assume when you say your wife has been getting 30k into her account that it has been coming from you. In that case, it is completely irrelevant. You and your wife are legally 1 entity. How you distribute the money between your 2 accounts is not relevant to the loan officer. If you mean that 30k is in addition to the money you make, then you need to be prepared with documentation to show how the money is generated. In that case, the 30k will be added to your income when deciding the maximum loan amount.

As a rule of thumb, you have a good chance of being approved for loans where the monthly payment is up to 40% of your monthly income.

The loan will be written in your wife's name, with you as the guarantor. Any bank other than Government Housing Bank will do this. You can search old threads for how GHB interprets the law, and why they won't give a loan to anyone married to a farang. I won't get into that here. Just stay away from that particular bank.

Even combined incomes per se are not looked at.....Mrs Soutpeel, before she was Mrs Soutpeel managed to get a 100% loan to the tune of THB 3.0 mil on 15 year's and she wasnt working or even legally married at the time and it was based solely on my income in Thailand to co-sign. ie I had a WP. Had to provide 12 months payslips, letter from the company and all the normal stuff...copy of WP/PP etc...this was through SCB

[Jebhead]

I do not work in Thailand and therefore no WP. All i had to provide was 6 months bank statements, 6 months salary slips and current work contract ( overseas ), copy of passport....

JH

[Soutpeel]

I do not work in Thailand and therefore no WP. All i had to provide was 6 months bank statements, 6 months salary slips and current work contract ( overseas ), copy of passport....

JH

And 50% of the money of course...

[Jebhead]

I do not work in Thailand and therefore no WP. All i had to provide was 6 months bank statements, 6 months salary slips and current work contract ( overseas ), copy of passport....

JH

And 50% of the money of course...

Correct....

JH