Looking For Mortgage Providers

[kirkieb]

Its my first post on here but have found some amasing information from many of the dedicated people.

What Im seeking is to buy a property in Eastern Thailand around Pattaya and would like to know has anyone in this current climate of financial uncertainty found a Mortgage provider currently lending up to 80% of the property purchase price with a realistic interest rate. If this is ridiculous as it has so far proved in my searching then can anyone suggest a mortgage provider for foreign property investment from Australia. I am seeking to buy a property (Unknown which one at this point) but a small house in my wifes name or condo in my own name are both realistic at this time with the pros and cons being weighed up as to which one.

Have looked at some estates in the area of Pattaya and found the advertised financing they offer soon equates to less than 50% of a different value they seem to extract from who knows where and a repayment schedule of only a few years unlike that of a mortgage of 15 minimum years up to 30 years. The interest rates are not even competitive either.

Love my wife but seriously at my age dont want to pay off a house too quickly in a foreign country with no naming rights only to be evicted by her when its all paid for. Yeah I know what some are thinking but am realistic and need to think with all my anatomy and not just the insignificant bits. (Hope this doesnt offend anyone)

I am retired soldier with over 140 000 Baht per month income for life and dont believe a mortgage of 3,500.000 Baht is too unreasonable

Look forward to any assistance from you all.

[Litlos]

I believe the official story is that as an expat you can only get financing for 50% of the value of the property, more realistically is that most institutions insist on about a 40% only loan. An associate of mine managed to get a bit higher than usual leverage rate by virtue of a contribution to the tea money fund for the bank, even this was only due to having used that particular branch for a few years and having a good savings history.

Best recommendation is find a nice place for rent at a not to high a rent roughly in the area where you want to buy, and arrange to park a set amount of money every month in a separate account. Get to know the bank people and a bit down the track thay may give you the 50% loan on the basis of regular deposits. The cost of rental is in a lot of cases so low it is crazy to buy anyway. Also this gives you an opportunity to see where you want to live and not buy something then 6 months later wishing you had not bought next to Somchai's all night disco. Sometimes you can also negotiate with the owner to do it in instalments. If you pay it off to early simply borrow some money from the bank with the house as security and find a high interest savings account to park the money in.

Have a look at the rethai.com website as it is a real estate portal and has ads by lots of agents.

Best of luck

[Soutpeel]

You will have virtually no chance of getting a mortage in your own name through a Thai bank, simplist solution is to get wifey (who I assume is Thai) to get a mortage in her own name for a house and you can co-sign the loan.

[kirkieb]

You will have virtually no chance of getting a mortage in your own name through a Thai bank, simplist solution is to get wifey (who I assume is Thai) to get a mortage in her own name for a house and you can co-sign the loan.

Was how I understood the system thanks to you both for confirming. Its only by staying intouch with like minded may we stay on top of the ever evolving rules of property ownership in Thailand. I heard a whisper there is some changes in the pipeline to try and open the Thai economy up a little more but things move slowly and not sure if in my life time but we can only ponder