Any UK citizen got a mortgage in the phils ?

[bob2009]

Anyone get a mortgage in the phils in their name ?

Not jointly with their wife or gf, or just in their wife gfs name.

How did you get past the 'filipino wall'?

Thanks

[darren-b]

What are you trying to buy? If it's a house with land then as it currently stands I don't think you will be able to buy it.

[Sim11UK]

You can't buy anything in your own name.

[darren-b]

You can't buy anything in your own name.

You can own property like condominiums, it's just the land they stand on that's you can't fully own.

[Sim11UK]

You can own property like condominiums, it's just the land they stand on that's you can't fully own.

OK I stand corrected on that...Thanks!

[Arthur Little]

You can't buy *anything in your own name.

*That's what I was told too [quite categorically, in fact!] ... by an 'authority' at the British Consulate in Manila! So it's a case of "straight from the horse's mouth", :Horse1: so to speak!

[Arthur Little]

... Having said that, Welcome, Bob!

[Tawi2]

Arthur,I think maybe its the same as here,houses freehold flats leasehold,so you can buy a flat your technically purchasing it for 99 years or however long your leasehold is for?Whereas being a foreigner you cant buy a freehold house? Its a minefield anyway with subdivided properties and clean titles and whatnot

[bob2009]

I know 100% factually that you can buy a condominium, (as long as it falls within the 40:60 rule), without residency permit, SSRV, alien registration permit, marriage etc as I know someone who did it.

The only thing is he did it by sending the full cash amount over.

I was just wondering about the banks with more relaxed policies there. If not, I ll just go with my fall back plan of purchasing in malaysia, where all banks are will ing to lend to foreigners.

[darren-b]

I know 100% factually that you can buy a condominium, (as long as it falls within the 40:60 rule), without residency permit, SSRV, alien registration permit, marriage etc as I know someone who did it.

The only thing is he did it by sending the full cash amount over.

I was just wondering about the banks with more relaxed policies there. If not, I ll just go with my fall back plan of purchasing in malaysia, where all banks are will ing to lend to foreigners.

PNB Europe seem to suggest they will loan money to UK residents to buy property in the Philippines even if they are not Philippines citizens.

[pennybarry]

There are some commercial banks that offer loans for foreigners.

Yes! Foreigners can buy condos.

Foreigners Owning Philippine Land


Only Filipino citizens and corporations and associations at least 60% of whose capital is owned by Filipinos may acquire private lands.



Foreigners are allowed to purchase a condominium unit, provided that total foreign ownership of the condominium corporation does not exceed 40%. They may also inherit real property from their deceased Filipino spouses or parents.



Children born to a Filipino parent, whether legitimate or illegitimate, may inherit the property o the Filipino parent, even if the child is not a Filipino citizen.



Filipinos who lost their Filipino citizenship will remain the owners of any property they have acquired before changing nationalities. On the other hand, a natural-born Filipino citizen who has lost his Philippine citizenship may be a transferee of private land, subject to the following limitations and conditions:



Land Ownership by Former Filipinos in the Philippines


Natural-born Filipinos who have acquired foreign citizenship are entitled to own or acquire lands in the Philippines.

Article XII, Section 8, of the Philippine Constitution provides that a natural born citizens of the Philippines who has lost his or her Philippine citizenship may be a transferee of private lands, subject to limitations provided by law.

Section 7 of the same Article entitles former Filipinos to own and acquire lands through hereditary succession, i.e. by virtue of inheritance.

http://www.philippine-embassy.org.sg/index.cfm?GPID=110

[bob2009]

PNB Europe seem to suggest they will loan money to UK residents to buy property in the Philippines even if they are not Philippines citizens.

Yeah, unfortunately, as soon as they established I wasnt a filipino citizen in the uk or a former filipino citizen in the uk or married to a filipino, they were not interested.

Even if I had satisfied that requirement they wanted a security on a uk property. Which is not what I was looking for.

[bob2009]

[QUOTE=pennybarry;193048]There are some commercial banks that offer loans for foreigners.

Which ones ?

(PNB and Chinabank are crossed off it seems, so would be very interested to know which).

[somebody]

HSBC possibly as they operate in both regions?

From on one visit while waiting for the missus in a mall reading the paperwork a phill let alone a non phill needed to take out a mobile phone contract im sure your need various forms and certs.

I know from what the Wifes family (one aunt is a asst manager in a bank) mentioning banks in phill seem to still be very much about what the bank manager decides. So maybe possible..

[bob2009]

HSBC possibly as they operate in both regions?

From on one visit while waiting for the missus in a mall reading the paperwork a phill let alone a non phill needed to take out a mobile phone contract im sure your need various forms and certs.

I know from what the Wifes family (one aunt is a asst manager in a bank) mentioning banks in phill seem to still be very much about what the bank manager decides. So maybe possible..

You know, I think what you said, (bold), is probably very true. It's one thing I hate about the country. Indicative of the total lack of transparency on many things which are important in most peoples lives. At least in the UK, you can be sure of the criteria they are using and those criteria arent generally racist or totally unfathomable.