Re-mortgaging A Condo

[Andyfez]

I'm looking into releasing some funds by re-mortgaging a condo.

I went to a couple of banks to enquire and they showed a total lack of interest.

Best rate I could get was around 7.5% which seems way out of line.

I can put the condo in my wifes name (Thai) if it helps, but would rather keep it in mine.

Does anyone here know the best options for re-financing a condo, preferably on a long interest-only rate if there is such a thing?

And if they would do this for a Farang, what type of visa should I have? I'm currently on a marriage/dependents visa. I don't currently have a work permit/visa.

I'm still looking, so will post future findings here at a later date.

Edited November 6, 2006 by Andyfez

[eljeque]

If you think that 7.5% is way out of line, then you need to go around and ask other foreigners what they are paying in interest for the houses they have here. They will tell you that they al paid in cash, spare 1 in 200.

Although the bank tells you that you can borrow at 7.5%, let's see if they are realy willing to let you do it. That would be an adjustable rate and it will rise over time.

Do you mind my asking the amount you are looking to borrow against and the value of the property? What is the percentage?

If you are actually able to get a loan for 7.5%, then you have done well. Post your processes and the bank where you which provided the loan, and you will see hundreds of posters follow suit to that bank.

I wish you the best of luck.