Joint mortgage-how much is possible?

[CarlBkk]

For a joint mortgage between me, a foreigner with a work permit, and my wife, Thai Bangkok resident with good mid level office salary history, how much could we possibly get for a house? Combined monthly salary of 135,000.

Married less than 1 year matter? Both mid 30s

Work permit 1 year....do I need a 2 year permit?

What's the likely deposit needed based on the maximum mortgage amount?

Could deposit be brought over in cash or have to traceable by intl bank transfer?

Many thanks

[dunks]

I suggest you get all your financial documents together and ask a few banks.

[Mudcrab]

Just to be clear.....all four of you will be applying for a joint mortgage?

[Soutpeel]

If its landed property you will not get a joint mortgage, however your wife can get the mortgage and you can sign as guarantor on the loan and they will consider your income solely or a combination of incomes

As to how much you will get, that's a question for the bank to answer, but using the 1/3 rule on your income I would say around thb 4 to 5 million if you qualify dependent on the bank they will want a WP off you and 12 months payslips minimum

[jandj]

Just to be clear.....all four of you will be applying for a joint mortgage?

The cook, the thief, his wife and her lover...!!

[SGD]

Siam Commercial Bank information:

http://www.scb.co.th/en/personal-banking/loans/home-loan/housing-loans

http://www.scb.co.th/en/personal-banking/loans/home-loan/scb-new-loan

Kasikorn:

http://www.kasikornbank.com/EN/Personal/Loans/KHomeLoan/Pages/KHomeLoanKasikorn.aspx

Bangkok Bank

http://www.bangkokbank.com/BangkokBank/PersonalBanking/DailyBanking/Loans/UsefulInfo/Pages/Default.aspx

Old but gives you an idea http://www.bangkokpost.com/learning/learning-from-news/359939/banks-tighten-housing-loans

No multiples here (these used to be on the websites but were taken down some years ago). From memory, the "official" loan multiple was quite low, less than 3.0 (perhaps nearer 2.5) but in reality, this was never an issue unless looking for something totally unrealistic.

At Bt135k a month, a 3.0 multiple would give you around Bt4.8m as a maximum loan and on a Bt5m property, you'd need a Bt250/500k deposit.

[jonclark]

With that monthly salary there will be no problem with a mortgage.Just remember the following

1) You will be the guarantor - This means that there will be an obligation for you to take out the banks insurance. So that in the event of your passing the debt is covered / paid. This insurance will add a couple of thousand a month to your repayments over a 20 year mortgage.

2) Any mortgage offer is dependent on the valuation of the banks surveyor for the property. Not the asking price.

3) The bigger your deposit the better - UOB offer 95% mortgage in situations like yours - head office down by Prom Phong BTS is your best bet

4)You will need you get a credit history for you and your wife. This costs 100 baht and their is an office in the basement of the office block on the corner of sukhumvit / sukhumvit soi 25 (i think - has a noodle bar on the opposite side)

5) Get multiple copies of everything

6) As an aside in your situations banks seem to be more willing to give mortgages if there is a bit of length to the marriage history - this is purely anecdotal based on my experiences.

Good luck

[CarlBkk]

Brilliant information for me to go on, thanks guys.

Sorry for confusing though....definitely only two of us in this mortgage despite my lack of brackets suggesting otherwise :-)