Urban village and Mortgage

laphanphon wrote:

Sorry,I just couldn't resist

me neither, sorry

[quote]



Never mind Bkkstan and LA the're just a couple of cynical old fogies.

Just tell us what bar you are thinking of buying.[attachment=0]

Bkkstan and LA the're just a couple of cynical old fogies

ah yes, well spotted old chap, as they say, 'takes one to know one'

I'm looking at getting a mortgage/finance to buy a home in/near Udon Thani.

Done a few internet searches but as usual more info on udonmap than the WorldwideWeb.

From reading this topic am I correct in thinking that the finance has to be in my name but the property/house will be in the wife's name?

house can be in your name also. most banks won't mortgage over the age of 60, so full payment required before that age. if 50 now, 10 yr mortgage is best you will get. i personally have never had a mortgage in thailand, but that is what i was told by quite a few who have.

4 years ago we secured a loan for our house for 80% and 20% down. Everything is in my wife's my name, but the loan was based on my income alone. LA's right about the age thing and as I understand it now it's difficult to impossible to secure anything more than 50%.

I'm hoping to start building a house in about 1 year so was interested in this subject as I was hoping to get a loan in my wife's name to partly cover the costs of the build.
She has just rang her bank and was told a loan was no problem with me acting as guarantor as long as I was under 65 when the loan was taken out. My wife does have some assets and a small business which helps though.

Robtaff wrote:I'm looking at getting a mortgage/finance to buy a home in/near Udon Thani.

Done a few internet searches but as usual more info on udonmap than the WorldwideWeb.

From reading this topic am I correct in thinking that the finance has to be in my name but the property/house will be in the wife's name?

In case you're not already familiar with the following:

http://www.thailawonline.com/en/propert ... nfirmation

*The above letter was provided for by our bank and part of the loan process, which at that time I didn't understand what it was for.

papaguido wrote:4 years ago we secured a loan for our house for 80% and 20% down. Everything is in my wife's my name, but the loan was based on my income alone. LA's right about the age thing and as I understand it now it's difficult to impossible to secure anything more than 50%.

Why oh why would anyone whose pension/salary whatever is paid in the currency of their homeland, want to borrow money here in Thailand?
If we take the example of Rito's above. I am guessing at actual figures both the price of the house and the exchange rate at the time he bought it. Maybe Jimbo could give more precise figures.
Its a big house so lets say 2 mill baht. Loan of 80%, 1.6 mill. When that was borrowed 4 years ago I am sure the dollar was much stronger , lets say 37 bht. That means in his own currency he owed approx 54,000$. Now four years later at the current rate of exchange he owes 62,000$ . A loss of 8,000$ or 256,000bht.Thats without the interest accruing in the meantime which will again be inflated over the starting rate by the decline in the dollar.Surely if you need to borrow it would be sensible to borrow in the currency in which you are paid, at least the debt would remain constant, possibly decreasing as instalments are made.I realise you wouldn't get a mortgage on a property held abroad but surely you could get an unsecured loan for a car or something, its not very much anyway.Then pay cash here. It makes sense to me .
Sorry Rito I am not getting personal on this , just using your posted circumstances as an example.

Take my case TB. No income, no UK address, no utility bills, no assets in the UK etc. I go to my bank in the UK and say, I'll like a 30K loan please. I'm pretty sure the reply would be two syllables, the second being off.

Galee wrote:Take my case TB. No income, no UK address, no utility bills, no assets in the UK etc. I go to my bank in the UK and say, I'll like a 30K loan please. I'm pretty sure the reply would be two syllables, the second being off.

Well obviously if you have no income you won't have to worry about the exchange rate .Will you? Nor will you be able to service a loan here in Thailand.

trubrit wrote:Well obviously if you have no income you won't have to worry about the exchange rate .Will you? Nor will you be able to service a loan here in Thailand.

Wrong on both counts. I live off my assets. I'm not an OAP yet.

Galee wrote:

trubrit wrote:Well obviously if you have no income you won't have to worry about the exchange rate .Will you? Nor will you be able to service a loan here in Thailand.

Wrong on both counts. I live off my assets. I'm not an OAP yet.

Of course that did occur to me but I thought anyone with enough assetts to live on wouldn't really be considering taking out an expensive loan.

papaguido wrote:

Robtaff wrote:I'm looking at getting a mortgage/finance to buy a home in/near Udon Thani.

Done a few internet searches but as usual more info on udonmap than the WorldwideWeb.

From reading this topic am I correct in thinking that the finance has to be in my name but the property/house will be in the wife's name?

In case you're not already familiar with the following:

http://www.thailawonline.com/en/propert ... nfirmation

*The above letter was provided for by our bank and part of the loan process, which at that time I didn't understand what it was for.

Thank You Papaguido, very interesting reading.

laphanphon wrote:house can be in your name also. most banks won't mortgage over the age of 60, so full payment required before that age. if 50 now, 10 yr mortgage is best you will get. i personally have never had a mortgage in thailand, but that is what i was told by quite a few who have.

Thanks for the reply laphanphon.

I'm 34 now and am looking into purchasing or renting. With me then spending half my time in the UK (or wherever there is decent paid employment) and the other half of the year in Thailand.

Redundancy is looming for me and while I won't get a huge payout it might be enough to put a deposit down and spend some time in Thailand before returning to the UK to re find work.

laphanphon wrote:house can be in your name also. most banks won't mortgage over the age of 60, so full payment required before that age. if 50 now, 10 yr mortgage is best you will get. i personally have never had a mortgage in thailand, but that is what i was told by quite a few who have.

Although I co-signed the loan application as guarantor based on my income alone, the bank approved the loan based on the wife's age and offered us up to a 30 year mortgage. However, the house is not my name with the exception of being listed as a resident in the blue book.