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pomozki

Can foreigners get a mortgage here?

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I'm 64yo and too old to qualify for a mortgage based on my current/future earnings - anyway, I'm on a retirement visa.
I'm wondering if i can put down, say, 50% of the purchase price of a property and get a loan for the other 50%?

This is possible in the US - I was over there and approved for a mortgage by this very method a few years ago. And the mortgage rate I was offered was thye normal one, not an exorbitant rate.

The lender just uses the 50% you've put down as collateral (provided they're happy with the purchase price of the property, I suppose)

and can grab it if you default on your payments.

I'm planning to either live in the place and make the repayments the same way as I would pay rent

OR rent it out and pay back the loan out of the income.

The reason I'm thinking of this is cos there are some great deals to be had right now - cheers

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In Thailand a mortgage must be payed off by age 60. But they don't give them to foreigners anyway.

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36 minutes ago, YT3k72Em said:

In Thailand a mortgage must be payed off by age 60. But they don't give them to foreigners anyway.

Please pm me to discuss a possibility.  David.

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With all the condos for sale, it would probably be a good idea for Thai banks to offer mortgages for foreigners with a substantial down payment (50%).

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Posted (edited)

Yes, you can probably get better terms from a seller.

Arrange a low interest carry back with them for up to 10 years.

I would use a reliable agency that has experience with these type transactions.

I have a friend who has been in the business in Pattaya for 10 years. She said this is probably the slowest time in history and told me many foreign sellers are now doing these carry backs to enhance their sale potential.

 

Edited by bkk6060
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Never let people tell you it can't be done. Go to a bank's head office, be presentable and plead your case. You never know!

 

Rooster

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Why not pay cash ?? If you don't have any savings you don't belong here, let alone retiring here. 

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How spooky I was about to write a near identical post with another reason to just put 50% down the raging Baht that is if I ever get back in 🤔 

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1 hour ago, BTB1977 said:

Why not pay cash ?? If you don't have any savings you don't belong here, let alone retiring here. 

Never dip into capital ...

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On 7/5/2020 at 2:09 AM, pomozki said:

m wondering if i can put down, say, 50% of the purchase price of a property and get a loan for the other 50%?

This is possible in the US - I was over there and approved for a mortgage by this very method a few years ago. And the mortgage rate I was offered was thye normal one, not an exorbitant rate.

Yes foreigners can get a mortgage, providing they're working for a recognised company in Thailand (not mom and pop), and have a long history of WP.

 

First mortgage i was offered was 15,000,000 THB based on 150,000 THB monthly salary (onshore) with SCB, back in 2012. 

 

Currently have SCB Platinum CC which i have had since that period, with a real credit line, spend roughly 200k on it monthly and repay monthly for the points.

 

Current SCB Mortgage I am entitled to as off 2018 is 25,000,000.

 

Note that is condo/sky-villa focused, if landed (i can buy land based on the amount invested in Thailand, a small amount in my own name), but if you factor in the wife also then you can also support the mortgage.

 

As to the idiots who say you can't, they're simply not in a position to be able, as for land ownership, when you invest a few bob, you can legally own land also for residential (home).

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 It just won't work... if you are no longer working!

 

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