Mortgage in Thai Wife's name

[jimmiejackson]

Hi all,

Having read through some posts and been to see the major banks I wonder if anyone has any up to date information.

My Thai wife works for a company with a 20,000 Baht salary which would entitle her to around 1m Baht mortgage over 30 years at most banks.

However we want to mortgage somewhere up to 4m Baht.

I (not Thai) have a declared salary in Thailand of 50,000 Baht a month and have savings here.

I have been putting 100k a month into her bank account each month for the last couple of months hoping this would count towards the total we can borrow. Talking to the banks they don't seem to think this is the case.

Any advice on how to proceed?

Thanks a lot!

[Mario2008]

Better to try get a mortgage on your name/income as well. In some cases foreigners can get a mortgage, however it is limited to 50% of the appreciated value of the property. Don't know about the requirements for such a loan.

[jimmiejackson]

Better to try get a mortgage on your name/income as well. In some cases foreigners can get a mortgage, however it is limited to 50% of the appreciated value of the property. Don't know about the requirements for such a loan.

Thanks, that seems to be a good way to go although the actual policies of most banks don't appear to allow this.

Does anyone have any recent experience in doing this?

[delgarcon]

http://www.siam-legal.com/realestate/thailand-property-financing.php

[chilli42]

Best way is that you be the gaurantor for her mortgage. Keep in mind that you are getting in deep when you do this. If she stops payment, the bank come after you for payment ... and the house remains hers. I might point out that this is not an ideal situation in the unlikely event that your relationship head south.

[dsbs1945]

There were banks and Finance company's in the past who lent in Thailand out of Singapore. I'm not sure if that's still the case.

The rules were simple, you came up with 50% of the value of the property. They lent the other 50%.

You needed all the relevant paperwork re- employment contracts, salary etc. Your wife would not have been taken into consideration.

Your monthly payments were made from a Singapore bank and not out of Thailand.

I think they also used a mortgage Insurance policy against the property. and held the land title. Maybe worth checking out if it stlll exists.

[Pattaya Wolf]

My wife and I had help in getting a bank loan for the property through the estate where we purchased the property. We had to pay 20,000 a month for about 18 months, then the estate manager took us to get the land registered. while the payments were kept by the estate in my wife's bank book and card which they kept. The property is in my wife's name and I am guarantor for the payments. The house is insured in my wife's name for the sum borrowed. Does anybody know what the legal position is for me if my wife dies before me?

[Jaggg88]

My wife and I had help in getting a bank loan for the property through the estate where we purchased the property. We had to pay 20,000 a month for about 18 months, then the estate manager took us to get the land registered. while the payments were kept by the estate in my wife's bank book and card which they kept. The property is in my wife's name and I am guarantor for the payments. The house is insured in my wife's name for the sum borrowed. Does anybody know what the legal position is for me if my wife dies before me?

That's a question you have asked before you signed. I suggest you post this question in the legal forum

[MaeJoMTB]

My wife and I had help in getting a bank loan for the property through the estate where we purchased the property. We had to pay 20,000 a month for about 18 months, then the estate manager took us to get the land registered. while the payments were kept by the estate in my wife's bank book and card which they kept. The property is in my wife's name and I am guarantor for the payments. The house is insured in my wife's name for the sum borrowed. Does anybody know what the legal position is for me if my wife dies before me?

With no will,

You inherit 50%, her closest relatives inherit 50%.

But,

There would also have been a box on the life insurance to state who gets paid any excess on death.

Edited May 21, 2015 by MaeJoMTB

[Pattaya Wolf]

MaeJoMTB, Thank you for your info I have never had a problem with my wife I pay every month and she is happy. I know on divorce how it works. was not sure on this. we can't all be experts. my home is rented out at the moment and my wife lets me do what I want with the house, she is happy for me to pay each month.

Pattaya wolf

[blackcab]

So your wife can get a mortgage for 25% of the sum you require. The obvious way forward is for her to get a second job that pays her an additional 60k a month. If you think about it I am sure it is possible, especially as you had 100k a month to deposit in her account.

[musiclover]

My wife and I had help in getting a bank loan for the property through the estate where we purchased the property. We had to pay 20,000 a month for about 18 months, then the estate manager took us to get the land registered. while the payments were kept by the estate in my wife's bank book and card which they kept. The property is in my wife's name and I am guarantor for the payments. The house is insured in my wife's name for the sum borrowed. Does anybody know what the legal position is for me if my wife dies before me?

With no will,

You inherit 50%, her closest relatives inherit 50%.

But,

There would also have been a box on the life insurance to state who gets paid any excess on death.

That is not correct ! You will SHARE the remaining 50% with closest relatives (parents or children ) This means that normally you will get more than 50%

The insurance will be necessary and should pay out the mortgage balance ...or most of tin..depending !

Believe me...I know !!!! sadly !

[Pattaya Wolf]

Thanks for the information, the cost of the loan is covered by the insurance.

[louse1953]

MaeJoMTB, Thank you for your info I have never had a problem with my wife I pay every month and she is happy. I know on divorce how it works. was not sure on this. we can't all be experts. my home is rented out at the moment and my wife lets me do what I want with the house, she is happy for me to pay each month.

Pattaya wolf

5555,i'm sure she is mate.

[jimmiejackson]

Thanks all. Seems like the best solution currently (after running around all the banks) is for my wife to get "paid" by a real company issuing real payslips and actually putting the money into her bank for 6 months or so at a high enough pay rate for the sum required. Not the hardest thing to arrange.

Only SCB said they would probably take into account the 100k going into her account a month but it's up to the guys at head office and not a sure thing.

[jimmiejackson]

Thanks all. Seems like the best solution currently (after running around all the banks) is for my wife to get "paid" by a real company issuing real payslips and actually putting the money into her bank for 6 months or so at a high enough pay rate for the sum required. Not the hardest thing to arrange.

Only SCB said they would probably take into account the 100k going into her account a month but it's up to the guys at head office and not a sure thing.

[robblok]

Thanks for the information, the cost of the loan is covered by the insurance.

just go to the amphur and let her make a will naming you as sole beneficiary and then your done.

[blackcab]

Best of luck. Let us know how you get on.