Taking Out A Mortgage

[RebelRed]

Hi

I am Irish and married to a Thai. We are renting a house at present in Ubon. Now the landlord wants to sell and he has a potential buyer. We have 4 kids and we don't really want the hassle of househunting this close to the new school term so we are thinking of buying ourselves. The house we feel is great value ( 3 bedroomed for 1.6m).

We have gone to a bank to enquire on a mortgage but as my wife is a housewife and has been out of the country for the last 2 years (in India where I was working) and as I am a foreigner with no bank history we are obviously having difficulties.

I have the 1.6m in savings in Ireland and my wife has a small bit of land from her home which we are hoping to use as security against the loan. I will have to transfer the money here. The bank say that if i put cash up as security it has to be put in an account in my wife's name as the mortgage will have to be in her name..Can anyone advise me on what i can do taking into account I want to protect my investment.

Thanks and Regards

Red

[soi41]

Hi Red.

If you are married with 4 kids, I take that you live in a stable relationship, so does it really matter in whos name the bankaccount is? On the other hand I understand you, nice not to be a 100% dependant on somebody else, even your wife. So I suggest, that after paying the cashamount for the house, to open a new bankaccount in your wifes name for the automatic transfers for the mortgage. Meaning that you just have to make sure there is enough money in that account for the monthly transfer. To achive that you will have to cosign the loan and it would probably make it easier if you had your own account in the same bank. Good luck and don't be too krengjai !

[PattayaPhom]

Why not buy the house outright, you said you already have the money...seems pointless paying interest when you dont need to

[Khun Jean]

Buy it with cash, if you need money later you can use the house as security for a mortgage (50-60% would not be a problem).

Compare the interest you get on savings and the interest you have to pay for the mortgage.

I think that is an easy calculation.

[TommoPhysicist]

You have 4 kids, or she has 4 kids by another man?

@Khun Jean

Using up all your savings doesn't cut any ice when applying for a married/retirement visa extension.

You have to show money in the bank, not money in your wifes house.

It's also against the law to use a Thai nominee (your wife) for a foreigner to buy land in Thailand.

I never think breaking the law is a good idea, especially a law that involves jail time and deportation.

Edited May 2, 2012 by TommoPhysicist

[cdmtdm]

You have 4 kids, or she has 4 kids by another man?

what has that got to do with it ?

great advice pffffftttttttttttttttttt

[TommoPhysicist]

You have 4 kids, or she has 4 kids by another man?

what has that got to do with it ?

great advice pffffftttttttttttttttttt

I would tend to put more trust in a woman that had produced 4 children that were biologically mine, than a woman who had produced 4 children by different partners, and I had only known her a year or two. Maybe mistakenly, what do you think?

Edited May 2, 2012 by TommoPhysicist

[cdmtdm]

You have 4 kids, or she has 4 kids by another man?

what has that got to do with it ?

great advice pffffftttttttttttttttttt

I would tend to put more trust in a woman that had produced 4 children that were biologically mine, than a woman who had produced 4 children by different partners, and I had only known her a year or two. Maybe mistakenly, what do you think?

i think a smart person would find out the facts first before passing judgement , the op did not post a question on should i trust my wife did he ? read the post again gonad ...

[hedonist44]

You have 4 kids, or she has 4 kids by another man?

what has that got to do with it ?

great advice pffffftttttttttttttttttt

I would tend to put more trust in a woman that had produced 4 children that were biologically mine, than a woman who had produced 4 children by different partners, and I had only known her a year or two. Maybe mistakenly, what do you think?

i think a smart person would find out the facts first before passing judgement , the op did not post a question on should i trust my wife did he ? read the post again gonad ...

+1

[TommoPhysicist]

i think a smart person would find out the facts first before passing judgement , the op did not post a question on should i trust my wife did he ? read the post again gonad ...

I was thinking that was the question he was asking ..... otherwise he wouldn't be worrying about buying the house for cash in her name. A smart person learns to read between the lines.

Edited May 2, 2012 by TommoPhysicist

[cdmtdm]

once again i think your talking from your experience ......sad , sad individual .....

[bangsaenguy]

Go to another bank. What you want to do is doable. I've done more than once at more than one bank with a 50% down payment.

[JeffreyMcCollum]

Some banks, not all, will make loans to a foreigner. (non native Thai)

Usually they want 25-30% down.and a shorter term up to 5 years

It is easier if you have a work permit

It is easier if you are Really married with the government paperwork and not just a Buddha wedding

a long history with a bank helps too