Work Permit For 2 Years Already, Want A Mortgage To Buy A House...

[pritch84]

Hey guys. So I've lived here for 4 years now and have had a work permit for 2 years almost. Im hoping in 1 years time to have saved up enough to put down a deposit on some land and start building my home.

As long as I start making monthly payments to the bank, ie using it to save the money. Should I have no problems in receiving a loan for about 90% of the land/property value to buy on land? Are there other ways to build up a good credit history here? I have a serious Thai girlfriend who goes to university here and she has another year left there.

Might the bank be reluctant to give me a mortgage since I cant legally own property or is it ok to get a 30 year lease with renewal rights?

Any advise is much appreciated

[jamescollister]

What's the GF doing at Uni, if it is a Government related job, teaching, nursing etc she can have a low interest loan to by a house. Jim

[pritch84]

ahh... hospitality and tourism in phuket.

[Khun Jean]

Start saving more and lower your expectations.

A small house fully paid is a lot better then a big house on a 30 year mortgage.

Make 50.000 baht a month and spent 50.001 baht a month -> misery

Make 50.000 baht a month and spent 50.000 baht a month -> happy today

Make 50.000 baht a month and spent 40.000 baht a month -> happy rest of your live

[pritch84]

Thanks for the advise.

[KhaoNiaw]

You won't get a mortgage but maybe your girlfriend will. You'll be guarantor (not sure if you need to be married?). And if you're building, the bank probably won't consider the value of the future property, only the land.

[pritch84]

So a farang cant qualify for a mortgage or just my situation?

[PattayaPhom]

Mortgages for foreigners are available, upto 50% of property value....and property means property, not land.Its a changing market so ask at the banks as criteria yesterday could be different today.

[billd766]

Mortgages for foreigners are available, upto 50% of property value....and property means property, not land.Its a changing market so ask at the banks as criteria yesterday could be different today.

But farangs are NOT allowed to own land and a house is built on the land, ego you can't own it.

There will be posters following me saying that you CAN own the land through a company but then the company owns the land and house and legally you can only own 49% of the company.

As for me I am married and the house and land etc is in my wifes name and not mine.

There will be posters following me saying "but what if your wife divorces you"?

If she does then she does. It won't make much difference to me as she will only own what she already owns and she would then lose more in both the long and short run.

I have known her 20 years, been married for 13 of them this year and we have an 8 year old son together.

For those that go the company route what will you do if your wife, g/f or partner decides that she wants 100% control.

Ah but I have an usufruct I hear people say. The Thai law will protect me.

Really?

Would you honestly WANT to stay considering the problems that can arise.

Edited January 18, 2013 by billd766

[thaicbr]

Me and my Gf(soon to be wife) are looking for a house. I told her she pays the mortgage as its her house and I will pay the household bills.... sorted.

Luckily she works and earns a decent wage

sent from my Q6

Edited January 18, 2013 by thaicbr

[JDGRUEN]

Me and my Gf(soon to be wife) are looking for a house. I told her she pays the mortgage as its her house and I will pay the household bills.... sorted.

Luckily she works and earns a decent wage

sent from my Q6

I like this advice ... somewhat equivalent to paying rent... pay your fair share... If something bad happens down the road - then a split can be made without a fight... Just pack up and go.

[Khun Jean]

.. Just pack up and go.

And leaving your once loved wife with a large debt that never can be repaid resulting in loosing "her" house and end in bankruptcy and despair

Some people have to bear all the risk, as long as it is not you, right?

[JDGRUEN]

.. Just pack up and go.

And leaving your once loved wife with a large debt that never can be repaid resulting in loosing "her" house and end in bankruptcy and despair

Some people have to bear all the risk, as long as it is not you, right?

Perhaps - I think it could be good insurance against her engaging in trivial pursuits outside the relationship. And once gone - I am fairly sure there would be family members who could share space and expenses to keep things afloat.

[thaicbr]

.. Just pack up and go.

And leaving your once loved wife with a large debt that never can be repaid resulting in loosing "her" house and end in bankruptcy and despair

Some people have to bear all the risk, as long as it is not you, right?

Why wouldn't she be able to pay?

Not all of us have wasters for wives. Some of us have hard working wives/Gf's who would have bought property even if we hadn't been in their lives.

sent from my Q6

[Soutpeel]

Mortgages for foreigners are available, upto 50% of property value....and property means property, not land.Its a changing market so ask at the banks as criteria yesterday could be different today.

Which Thai banks would these be ?

My understanding, after going through this process, is that a Farang will never get a mortgage in their own name, they can co-sign for a Thai national, have only their income considered, dont need to be married ,but even so the mortgage still needs to be in a Thai nationals name. and this came from SCB some years ago, when the GF, now the wife was given a 100% loan against my income/WP etc, but it was still in her name..

Edited January 21, 2013 by Soutpeel

[CWMcMurray]

My understanding is pretty much the same as Soutpeel's...

No chance for any mortgage in your name from a local Thai Bank. Must be in the name of Thai person with you as the co-signer..

From my understanding, the only way around this, is that it is possible to get a mortgage from an overseas Bank to finance the purchase of a condo.

I remember seeing some Banks offering this from their Singapore branches. Also have a freind who received a loan from his bank back in franagland and then transferred the lump sum to Thailand and purchased his condo.