Getting house loan/mortgage

[Chico the Fox]

I am looking at a plot of land in Kanchanaburi with a house already built on. The house is a little dated, never lived in (built by father in law) but has good potential. It comes along with 4 rai of land, all for 1.4 million THB.

It looks like a decent deal, and my wife and I want it. However, she was blacklisted 7 years ago and doesn't have a job so can't get a loan in her name. I have been here for 6 years working legitimately with work permit etc. What we are after is 100% of the amount.

What I want to know is what options would I have to get the money needed? I am unsure but I heard the UOB did/does full mortgages to foreigners and I'll go there tomorrow, but does anyone have any other advice on how to get the money from the bank?

Any advice greatly appreciated.

[The Fresh Prince]

I think UOB only do mortgages for apartments, and from the Singapore branch.

[aging one]

With out her or a co-signer you are going to have problems buying physical property. My wife is
from the same province.

What is blacklisted? Sorry to be nosy but it would help?

[Chico the Fox]

Cheers guys.

FB, I didn't want to read that. i'll still give it a try and talk to someone in the bank, though, in the hope I can get something.

AO, blacklisted as in outstanding debt that hasn't been paid.


There has to be some way I can drum up the cash!

[aging one]

But to buy land you need a Thai name. Fcuked as it is. Unless you incorporate, which just adds to your cost. Check that its not clear. Really. You can run here and keep your nose clean and all is forgotten. Applies to a lot worse crimes than not paying your bills. Good luck.

[Chico the Fox]

Sorry, the land would be in my son's name, which will apparently be fine as he is Thai national.

[Norton]

Any advice greatly appreciated.

Can you work some sort of payment plan with the father in law?

[Chico the Fox]

Any advice greatly appreciated.

Can you work some sort of payment plan with the father in law?

Good idea, and might fall back on this, though apparently, the money is to do up his shop which means it'll probably be needed in one lump sum

[Thetyim]

FIL can mortgage the house + land to finance his shop repairs.
You pay the monthly mortgage.

You will have to trust him to transfer ownership at the end though

[The Fresh Prince]

^ Thats a good plan.

[Norton]

You will have to trust him to transfer ownership at the end though

Trust always involved but wife can have loan agreement to pay FiL for the property.

[Marmite the Dog]

I doubt you'll get 100% though. We looked into mortgages a few years ago and the banks were only willing to give the Midget 50% despite her earning way more than you'd think necessary.

Good luck though.

[Chico the Fox]

After marrying me my wife took on my surname. Does this mean that she cannot have land in Thailand in her name now?

[boloa]

No problem but you will have to sign some paper work saying its her money and not yours at the Land Registry Office.

[Chico the Fox]

Gents, I really appreciate the comments, thus far. However, the situation has been slowly turning into more of a Thai soap opera, complete with evil stepmother. I knew all the facts but didn’t know how they fit together before.

Dad was passed the land by the grandfather and built a house on it for family to live in. No one has ever lived there but that was the purpose and the house has been there for 8 years uninhabited. He wants it to stay in the family and for someone to live there etc, and this is how the rest of the family in the area think.

Dad left my wife’s mum, remarried, and apparently (?) the money for the land he owns, if sold, has to be split between him and his new wife. However, the second marriage is almost over and he doesn’t want her to get half, neither does the rest of the family. If she gets hold of the land she’ll apparently sell it.

The land itself has been allocated to my wife, and the 2 stepbrothers. He wants to do a bit of a sly deal by paying off the 2 stepbrothers and help us get the whole 4 rai plot complete with house. This is because the 2 stepbrothers don’t want the land and will not live there, whereas we will.

His plan is to mortgage the land to get the initial stake to pay off the stepbrothers, but sign an inheritance document that is legally binding and means the land transfers to my son’s name when he dies. It will clearly remain in his name, but we would pay off the mortgage and live on the land. One of the wife’s cousins has even said she’ll loan us 200 grand just so it will stay out of the stepmother’s hands and she can have contact with our son when he/we eventually move/s there.

The key thing is that I trust my wife totally. Do I think the rest of her family is trying to pull a fast one? No, absolutely not. To be fair though, I don’t know dad well at all. It is just the most bizarre land deal I have ever heard of and any opinions or info from anyone would be most welcome. I am flummoxed by the shear complexities of it.

[Yasojack]

Be careful.

[Chico the Fox]

Be careful.

I wholeheartedly agree. Its all complicated, and to be honest, if the debt is in his name, there is no risk to us really, other than paying monthly instalments... right?

Would an inheritance document signing the land over to our son be legally binding?

[Yasojack]

A document can be changed.

If the Aunt loans you 200,000 and it goes tits up you still owe her the money.

Do you speak Thai?

[Chico the Fox]

A document can be changed.

If the Aunt loans you 200,000 and it goes tits up you still owe her the money.

Do you speak Thai?

I can speak but not read/write. Its the cousin that will load money, if needed.

[Yasojack]

I always find if its complicated there might be more to it, than being told.

Your wife may not know the whole story.

Then again it maybe 100% legit, just looking out for another farang.

[Chico the Fox]

I always find if its complicated there might be more to it, than being told.

Your wife may not know the whole story.

Then again it maybe 100% legit, just looking out for another farang.

I appreciate it. Thanks.

Its bloody tricky as we don't want to get done over, and there are obviously loads of similar stories, but I know the wife is on the level with me.

It just seems very strange and I'd just prefer for the land to be transferred to my son's name, so there is that security. Does anyone have any ideas on how to do that bearing in mind the whole situation?

[momomuchacha]

you may want to ask what kind of deed they have for the land... There are like 4-5 different 'levels' of ownership.

My mothers land has what is called a 'chanote' which i believe means that she owns the land outright and there are no claims on it from any creditors / banks etc.

[DrAndy]

a chanote is the best sort of land deed, but that doesn't mean it cannot be used as security with a bank

who would then have a claim on it

[richie22]

Mate of mine has just lost a piece of land to the bank as his wife forgot to tell him of an outstanding debt from many years before.
Oh yeh and he used to trust her 100% also.

[Chico the Fox]

It now seems that he (father) will get a mortgage on the land with me as a guarantor. The idea being that the land is transferred to son's name after payment, and a will is written guaranteeing it to my son.

My name will be next to a debt but if anything defaults then the land would go to the bank, I assume. This is the newest development. It seems to me like a relatively safe plan, except the transfer of names after, but I am running on the assumption that this cannot be changed until the bank is paid off, and to be honest the old guy might not last that long.