Buying house Hua-Hin. Mortgage Advice please.

[Chuckles78]

We wish to buy a house in Hua-Hin.

My wife and son are Thai/Swiss currently living in a rental house in Hua-Hin. My wife is not employed but rather a Housewife.

My mother (Swiss) will also be living with us on her a retirement visa. She will provide some deposit for new house.

I work in Europe and stay in Thailand on a non-o visa when not working.

Buying the house:

I've been advised that the mortgage will be in my wife's name. She would apply as housewife.

The deposit would come partly from myself and my mother.

Do we need a special form to transfer funds from Swiss bank for deposit?

Can house be in my name if mortgage is in wife's name?

Any other advice?

Thanks

[trogers]

I've been advised that the mortgage will be in my wife's name. She would apply as housewife.

Can house be in my name if mortgage is in wife's name?

Point 1 - Mortgage is to be made to the property owner named in the title deed and recorded in the deed as such

Point 2 - Foreigners cannot own landed property

Buy a condo if you need the protection of foreign ownership.

[Chuckles78]

Yes I've read in many threads foreigners can not own land. My wife however is Thai.

I do not want a condo nor a lease.

Just looking for advice on this situation on how to set it up with some common sense.

[Soutpeel]

If your wife is a house wife chances are she would only be granted a mortgage from a Thai bank if you sign as the guarantor on the loan, seeing as your not working in Thailand some banks will not entertain you as the signing as the guarantor as they will want to see pay slips, Thai work permit and a letter from the Thai company stating you have " permanent" employment with them

The loan on a landed property cannot be in a foreigner's name for obvious reasons and even in the case of a condo, they will only grant the loan in your name if you have credit history in Thailand

Having been through the guarantor process in Thailand for a mortgage for Mrs S, the deposit side of things is the least of your worries

As others have stated if you want "protection" buy a condo, as if you set up a company to "own" the house in your name it will get very complicated as regards a mortgage as the mortgage would be in the companies name and would think its highly unlikely a Thai bank will grant a "mortgage" to new shelf company

[Chuckles78]

If your wife is a house wife chances are she would only be granted a mortgage from a Thai bank if you sign as the guarantor on the loan, seeing as your not working in Thailand some banks will not entertain you as the signing as the guarantor as they will want to see pay slips, Thai work permit and a letter from the Thai company stating you have " permanent" employment with them

The loan on a landed property cannot be in a foreigner's name for obvious reasons and even in the case of a condo, they will only grant the loan in your name if you have credit history in Thailand

Having been through the guarantor process in Thailand for a mortgage for Mrs S, the deposit side of things is the least of your worries

As others have stated if you want "protection" buy a condo, as if you set up a company to "own" the house in your name it will get very complicated as regards a mortgage as the mortgage would be in the companies name and would think its highly unlikely a Thai bank will grant a "mortgage" to new shelf company

Thanks.

Also advice from our current real estate lady was to get entire mortgage in my wife's name.

We can pay up to 50% and aim to have it paid off between 5-10 years if we get such a term.

Some protection preferred but not a necessity.

[Chuckles78]

After further reading it looks like getting a usufruct on a property is a good way to secure the future.

Thai wife remains owner, foreign husband has control of house and land until death.

http://www.thaivisa.com/forum/topic/171307-everything-you-wanted-to-know-about-usufruct-agreements-in-thailand/

[Noi657]

Personally if I wasn't in a rock solid relationship in the first place, I wouldn't even bother buying at all... Just rent if you have concerns, which you obviously have!

[Soutpeel]

After further reading it looks like getting a usufruct on a property is a good way to secure the future.

Thai wife remains owner, foreign husband has control of house and land until death.

http://www.thaivisa.com/forum/topic/171307-everything-you-wanted-to-know-about-usufruct-agreements-in-thailand/

Yes you can do it that way, but before you get to this point you still have to get the mortgage sorted out

[Chuckles78]

Personally if I wasn't in a rock solid relationship in the first place, I wouldn't even bother buying at all... Just rent if you have concerns, which you obviously have!

We already have property together in Europe and I have no concerns about us at present, we have a great marriage. Saying that, who knows what will be in 10 or 20 years?

My wife actually suggested to me I look at ways to secure our property in Thailand before I mentioned it.

Can someone suggest some good banks in Hua Hin for mortgages?

How is Kasikorn?

[happynthailand]

SCB loan, wife not working 50% loan, you pay every month

wife working 80% loan,you pay

all loans in wifes name only,you sign as the guarantor on the loan

have had several loans from SCB,good bank to work with

[Soutpeel]

Personally if I wasn't in a rock solid relationship in the first place, I wouldn't even bother buying at all... Just rent if you have concerns, which you obviously have!

We already have property together in Europe and I have no concerns about us at present, we have a great marriage. Saying that, who knows what will be in 10 or 20 years?

My wife actually suggested to me I look at ways to secure our property in Thailand before I mentioned it.

Can someone suggest some good banks in Hua Hin for mortgages?

How is Kasikorn?

Its somewhat irrelevant of how good a branch is in Hua Hin, they don't approve the loan, the head office in BKK does

Best thing you can do is approach all the major banks and talk to them, some are most certainly going to reject your application