Wife Makes 40K P/M. What Sort Of Mortgage Can She Get?

[siam cbr]

My wife's income from her business is usually around 40k p/m.

Instead of us renting our house I think she should get a mortgage and buy one.

Nothing major, but a 20 year mortgage of say 2mill thb (total inc. mortgage rates) = 8,333thb p/m

As I'll be paying half that is really nothing and will buy a house around the 1.5+m mark.

The bank will presumably only go on her earnings though and I'll be out of the picture in terms of ownership and legal payments (suits me fine).

What sort of mortgage could she expect to get though? Minimum downpayment? and maximum % of income?

Thanks.

[Soutpeel]

You would need to talk to the indivdual banks concerned..T&C vary....if your working here you can co-sign the loan and your income can be taken into account as well

[TommoPhysicist]

The repayments on 2M are nearer 15-20k per month.

[siam cbr]

You would need to talk to the indivdual banks concerned..T&C vary....if your working here you can co-sign the loan and your income can be taken into account as well

Thanks. I'm just looking for ballpark figures at them moment. I really don't know the market now and what banks offer.

The repayments on 2M are nearer 15-20k per month.

Sorry that you didn't read the OP.

[brit1984]

Does anyone know if there is a Thai equivalent of www.moneysupermarket.com?

If so, that would solve the OP's problem and many others I have read about on the forum.

If not, there may be a market opportunity for someone with IT (and Thai language) skills.

[siam cbr]

Sorry, I'm just asking that with an income of 40,000 p/m what sort of mortgage would a Thai usually get.

Edited June 30, 2012 by siam cbr

[aussiebebe]

Sorry, I'm just asking that with an income of 40,000 p/m what sort of mortgage would a Thai usually get.

That depends on what down-payment they are making and what guarantor they have. If your father in law has 3mil in savings that he can show the bank, your wife will easily be approved on a mortgage with a token 50k down-payment. A 1.5mil loan at a typical 6% over 20 years will run to 11k p/m which is well affordable to someone with your wife's income. Best to shop around.

[siam cbr]

Cheers.

How important is a guarantor? I've no idea how much the inlaws have, but their house is probably worth a million.

[canopus1969]

Why not just go along to a bank and ask then go guesswork involved ?

[siam cbr]

My wife is usually busy with her business during banking hours, and I'm more for doing this than she is.

As far as being legally involved in the purchase I want zero to do with it. Paying half the monthly mortgage as rent is all I want out of it, plus seeing my wife own her house of course.

Edited July 1, 2012 by siam cbr

[PattayaPhom]

Does anyone know if there is a Thai equivalent of www.moneysupermarket.com?

If so, that would solve the OP's problem and many others I have read about on the forum.

If not, there may be a market opportunity for someone with IT (and Thai language) skills.

Hey....now that is a great idea....!..

[overherebc]

My wife is usually busy with her business during banking hours, and I'm more for doing this than she is.

As far as being legally involved in the purchase I want zero to do with it. Paying half the monthly mortgage as rent is all I want out of it, plus seeing my wife own her house of course.

If she can manage to call the UOB during the day she will find them quite helpful. Like you I want nothing to do with the mortgage or house so I gave her 100,000 baht as part of the deposit and I sometimes throw in a monthly payment, 8900 . No kids involved, don't have any, so she can do with it whatever she wants when I pop my cloggs.

The only thing is my wife keeps getting offered more money to borrow etc etc which she is sensible enough to resist.

.

Edited July 3, 2012 by overherebc

[dave111223]

Nothing major, but a 20 year mortgage of say 2mill thb (total inc. mortgage rates) = 8,333thb p/m

Think your math might be a bit off...or is someone giving you a 0% interest rate?

A 2mil loan for 20 years you'd be looking at least 15k a month.

Edited July 3, 2012 by dave111223

[somtampet]

May sound stupid but this aint the best place to get that info,but nwe all now know how much your missus earns lol.

[thunder30101]

If she was a gov employee very easy to get a house loan at low interest and payment, just did it. If she has a private business you are looking at many hurdles to jump over to get a 1.5 to 2 mil house loan and sorry to be harsh but if she cant get off her butt to go to the bank to ask about loan availability and terms forget about it unless you plan on paying for it all.

[arkom]

.

Edited July 6, 2012 by arkom

[w11guy]

My wife is usually busy with her business during banking hours, and I'm more for doing this than she is.

As far as being legally involved in the purchase I want zero to do with it. Paying half the monthly mortgage as rent is all I want out of it, plus seeing my wife own her house of course.

I don't think you should be encouraging your wife to do this. It seems like she doesn't want to, and you think it's so risky that you don't want to be involved at all. Maybe she doesn't want to be lumbered with a mortgage that she may not be able to pay in future years. And why don't you want to be involved? Are you already panning your exit in case things go wrong? Doesn't sound good to me, unless I've missed something.

In any case, if your wife doesn't have a little time to find out basic facts from the bank then she won't have time to go house hunting and actually applying for a mortgage.

I think mortgage applications here are decided more on individual circumstances than they are in UK/USA. So depends if her relatives have savings to show the bank, whether she has a good credit record, how long her business has been running and is income pretty regular, etc. You really need to sit down and discuss with at least one bank in order to get some idea.

Edited July 8, 2012 by w11guy

[somtampet]

I assume u are talking gross,just hope her rent isnt 30,000 per month

[Paul888]

I don't know about a mortgage, but sounds like your wife can afford to upgrade to a Thai husband

[LennyW]

Kasikorn are offering 50 year mortgages to Thai nationals, this story says Chonburi province, don't know if it is countrywide yet? http://www.thaivisa.com/forum/topic/567907-kasikornbank-exclusive-loan-promotions-launched-at-central-pattaya-branch/

[thunder30101]

A person would have to be crazy to take out a 50 year mortgage, the interest paid on the loan over 50 years alone would be astronomical. Wait a minute where am I ? Okay now it makes sense.

[expat63]

5-6% and many banks have promotion like intrest first 2 years like 2-3%

The question is can she get any loan. 40000k is one thing, but it have to be a stabil income

[LennyW]

A person would have to be crazy to take out a 50 year mortgage, the interest paid on the loan over 50 years alone would be astronomical. Wait a minute where am I ? Okay now it makes sense.

You used to get 60 year mortgages in the UK for 125% of the property value and the ability to hand them down to your children!! Look at the credit mess that caused!!

I can see it taking off here... the Thais are finance mad.... the more finance the better!!!!!!!!

[meand]

That "owning a house" verbiage we use is so off too. You'll own it in 10 or 20 years anyway, assuming ALL goes well, every single month, and assuming the house doesn't fall apart, flood or burn. Structures are made so poorly here, who wants to own them? Renting is great in Thailand. I would think you could get a 2M baht loan with about 2 or 3 hundred thousand down. Payments maybe 15k per month.

[transam]

Wish my mrs earned that sort of dosh, in fact l wished she earned something.

[w11guy]

A person would have to be crazy to take out a 50 year mortgage, the interest paid on the loan over 50 years alone would be astronomical. Wait a minute where am I ? Okay now it makes sense.

If the alternative is renting then it is still a good bet. The interest paid in the lat 20 years will be a pittance. Inflation will have completely eroded it by then.

[w11guy]

Wish my mrs earned that sort of dosh, in fact l wished she earned something.

Why don't you help her start a business. Doesn't she get bored?

[w11guy]

That "owning a house" verbiage we use is so off too. You'll own it in 10 or 20 years anyway, assuming ALL goes well, every single month, and assuming the house doesn't fall apart, flood or burn. Structures are made so poorly here, who wants to own them? Renting is great in Thailand. I would think you could get a 2M baht loan with about 2 or 3 hundred thousand down. Payments maybe 15k per month.

That is a load of garbage. Have you ever been to Thailand? Most are still standing after much longer than that and many are very valuable. So you think they were stupid to buy a house that is now worth a small fortune? Obviously finance isn't your strong point.

[h90]

I don't know about a mortgage, but sounds like your wife can afford to upgrade to a Thai husband

Mine could also do that upgrade, but for any unlogic reason she sticks with me..

[h90]

Wish my mrs earned that sort of dosh, in fact l wished she earned something.

Why don't you help her start a business. Doesn't she get bored?

Starting a business: one time payment and than every month covering the loose is very expensive