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  1. #1

    Default My wife wants to buy a house in Thailand using money from her job in the UK

    My wife wants to buy a house in Thailand using money from her job in the UK to get a loan/mortgage from a Thai bank. She is now telling me that she won’t get a Thai mortgage as she lives in the UK. She wants it for her son to live in and as an investment.

    Can anybody tell me if it's possible please? Can she use her UK bank statements to show she now has a credit rating?

    Thanks for any help.

  2. #2
    Premium Member caller's Avatar
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    I have no idea, sorry, but banks here have been forced to comply with new tougher lending laws for buying property, which has resulted in a drop of (official) lending. I read recently that there are now over 450,000 unsold condo's around the Country and more and more are still being built. Certainly in Bkk and Hua Hin.

    All I wanted to say was that buying anything right now is a bad idea, with the Thai baht at record levels and the pound now worth less than 40 baht. I was unhappy buying when it was at 53, but that now seems a bargain compared to right now.
    'Tis me

  3. #3

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    Thanks for the info. I didn't mention anything about a condo though.

    I found the following on Google that was written on this forum two years ago so I guess it's possible. I just wanted to find out if anybody had done it more recently want what is required.

    My wife (Thai) got a mortgage in Thailand based on her UK job but it was a bit of palaver and she had to have it co-signed with her sister and cousin (in Thailand).

  4. #4
    Furniture เฟอร์นิเจอร์ ian1208's Avatar
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    she had to have it co-signed with her sister and cousin (in Thailand).
    Is the important part. I imagine the sister would be classed as domicile and have something of equity if repayments fall in arrears.
    My wife had to do a similar thing to purchase some land.
    Judging others before you have met isn't a wise option.

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    Quote Originally Posted by rasg View Post
    Thanks for the info. I didn't mention anything about a condo though.
    I know. I was just emphasising the effect the new rules are having, as for once, or at least for now, they seem to be being enforced - and also dragging prices down on new build condos outside of hot spots. But it applies equally to lending for land and houses.

    Happy to stand corrected on that. But it might also explain why a record number of new cars have been registered in Thailand in the last few months, unless they are subject to the lending rules as well?
    'Tis me

  6. #6
    Veteran ผู้มีประสบการณ์ toddmeister's Avatar
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    Not sure what kind of value you're looking at but could it be an option to get a loan (not a mortgage) here in the UK and use that to buy the Thai property?

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    What will happen if she couldn't make payments on the loan? Then how would the UK bank be able to reprocess the propety although it's not on UK soil.
    If I was you I would have a quick word with your local bank manager.

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    Furniture เฟอร์นิเจอร์ ian1208's Avatar
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    I don't imagine any UK bank would offer a mortgage on a property in Thailand. A loan, maybe secured on something here in the UK. It would simply be a personal loan and fall under the general T&C'c
    I seem to remember a member who moved to Thailand that had borrowed on the strength of renting his house in the UK but still a loan secured on something in the UK.
    Flip it the other way; I personally know a Thai that used her brand new car as security to buy land...………..
    Judging others before you have met isn't a wise option.

  9. #9
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    Tough call this one Rasg with the pound and the baht at the moment i am no financial expert and do not know about the housing market in Thailand .
    The UK has had its ups and downs in the housing market but does seem stable ,if you own your own home and have enough equity in it this would be the cheapest and easiest option with the UK interest rates at the moment but then you will lose out on the poor exchange rate .
    Its the biggest purchase that most people make so lots of homework and decisions to be made i am sure i did not have to write the last bit you will know yourself

  10. #10

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    Still a whole lot cheaper than buying in the UK!

    If she/we can buy in Thailand on a mortgage from a Thai bank my wife would simply make a payment into the Thai bank from the UK each month. She wants somewhere for her son to live and in a few years we will likely split our time 50/50 between the UK and Thailand so we would have somewhere to live too. By renting our house out while we are away on top of my pension which starts in just over three years time we will have a fairly healthy income. Even with the poor exchange rate, it makes total sense to me and any payments we make will mean we have a house in Thailand rather than paying rent.

    Our house in the UK will be paid for in the next two years and I don't intend taking out a loan against it, if I can possibly avoid it.

  11. #11
    Veteran ผู้มีประสบการณ์ toddmeister's Avatar
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    Quote Originally Posted by te2008 View Post
    What will happen if she couldn't make payments on the loan? Then how would the UK bank be able to reprocess the propety although it's not on UK soil.
    If I was you I would have a quick word with your local bank manager.

    Sent from my G3121 using Tapatalk
    Quote Originally Posted by ian1208 View Post
    I don't imagine any UK bank would offer a mortgage on a property in Thailand. A loan, maybe secured on something here in the UK. It would simply be a personal loan and fall under the general T&C'c
    Thats what I was getting at when I mentioned the value as a personal bank loan rather than a mortgage in the UK would I imagine be easier to get. Not sure on the specifics but can't you get a personal bank loan of up to £20k? Which you could say was just for a car purchase or similar but use it to buy the Thai property?

    We will probably look at buying a place in Thailand in the future. It's a long way off for us but we are thinking we'd probs be paying half cash from future savings and a bank loan for the balance depending on our situation at the time.

    I guess it depends what value property you're looking at too

  12. #12
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    it would be high interest on a loan where against your current property it would be very low .
    Do remember i live in the north west of England where house prices are lower than down south .
    Sounds like my plan if this is possible to do with the Thai bank let me know i would be very interested .

    - - - - - - - u p d a t e d - - - - - - -

    The easiest and cheapest way would be to borrow on your house and make payments in the UK .

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