savings

[bigmac]

ive introduced myself in the hello section before--and told my story. i dont have the required income of £18600---but will get my state pension next feb--about £7k--which--i think--counts towards it.

by then i should have about £20k in savings.

now--it occurs to me--if i sell my house--i should have about £100k in equity--does this count as savings?

how do i calculate the savings formula to see if i then bypass the income requirement?

[joebloggs]

http://www.ukba.homeoffice.gov.uk/sitecontent/documents/policyandlaw/IDIs/chp8-annex/section-FM-1.7.pdf?view=Binary

[Terpe]

Yes, your pension is counted as income.

Utilising savings under the Financial Requirement is not as easy as you might think.

Only the amount of savings above £16000 can be used
The savings must have been held for at least 6 months at the date of application and under your control.

Eligible savings above £16000 can be used to meet any shortfall against the income threshold (in your case £18600)
The formula is based on a 'factor' of 2.5 (30 months probationary period) between applications exept at ILR application where the savings are equal to the amount of shortfall.

examples:-
If you have no income at all then the shortfall is £18600
The level of savings required would be £18600 x 2.5 = £46500
Plus the minimum savings level of £16000 (which is NOT counted) which means that with no income the savings needed is £46500 + £16000 = £62500

If you have income of £15000 the the shortfall would be £18600 - £15000 = £3600
The level of savings required would be £3600 x 2.5 = £9000
Plus the minimum savings level of £16000 (which is NOT counted) which means that with income of £15000 the savings needed is £9000 + £16000 = £25000

It's worth remembering that the above is applicable at initial entry and also at FLR.
As mentioned after 5 years at ILR application the 2.5 factor is not needed. It's just the actual amount of shortfall that needs to be added to the base £16000

Hope that helps

[bigmac]

thanks for that link Joe--ive read through the savings examples--and in my case it looks like this:
£18,600..minus state pension of £7000=£11,600 x 2.5=£29,000 + £16,000 threshold--===£45,000.

so--thats the bride price.

have i got that right?

[bigmac]

thanx for that Terpe---light at the end of the tunnel.

when i first glanced at the savings side of things--i thought it was the INCOME from the savings that were the factor--which at interest rates these days--i would need to be a millionaire.

[grahame 1]

Hi Bigmac,
I asked the VHS in the Philippines. www.vfs-uk-ph.com . I found the uk border control not user friendly.
I was told that the formula was
£18600 - £7000 = £11600
Mutiply this by 2.5 times [30months to next assesment] = £29000.
Then add £16000 [ minimum savings set by uk goverment] = £45000
That is the amount you will need, But check with vsf in Philippines
Hope this helps.

[stevewool]

thanks for that link Joe--ive read through the savings examples--and in my case it looks like this:
£18,600..minus state pension of £7000=£11,600 x 2.5=£29,000 + £16,000 threshold--===£45,000.

so--thats the bride price.

have i got that right?

worth every penny:xxgrinning--00xx3:

[bigmac]

"worth every penny"

oh--absolutely stevewool--couldnt agree more.

this thread has really made my day--light at the end of the tunnel. no need to sell my place--and rent somewhere--just an equity release jobbie--and wait.

[joebloggs]

dont forget bigmac once you get your wife here and she has a job her salary can be used with your £7,000 pension towards the £18.6k financial requirement when she needs to apply for further visa's.

maybe you could rent your house out, and live with family/friend for say up to a year, i think rent can be used as long as its not your main residence. get a loan on your house, so you dont have to sell it.

[bigmac]

yes--she wants to pursue her career here--once we are married and she can work the income threshold is sorted. it was just this initial income problem of mine to overcome.

just the timescale now----cant do anything till i'm 65--next feb--and things her side are sorted. but--as i said--at least its now do- able.

so-if she can get a general visitor visa meantime--we can be together for some of the waiting period.

[joebloggs]

yes--she wants to pursue her career here--once we are married and she can work the income threshold is sorted. it was just this initial income problem of mine to overcome.

j.

what type of work does she do bigmac?

[bigmac]

shes a carer--working with people having learning difficulties. i have to admire her for it--sometimes a dangerous job. i couldnt do it.

[Tinker]

shes a carer--working with people having learning difficulties. i have to admire her for it--sometimes a dangerous job. i couldnt do it...

It is, but its nice to work with people who have learning disability, very challenging and rewarding.:)

[Arthur Little]

Hellish, though :angry: ... that a British subject should have to even consider selling their house for the sake of ensuring they've sufficient funds available to bring their lawfully-wedded partner to the country in which THEY - the only person [now] allowed to sponsor applicants' Settlement Visas - was born and bred. Then ... as if this weren't bad enough ... needing to lay aside sizeable sums of money at various stages further down the line, in order that their partner be allowed to remain here ... leaving couples with just about enough spare cash to subsist on a diet of 'Big Macs' ...

Mac ... I'm half joking, of course; :yeahthat: but it's galling to think that, HAD you been French, Spanish, Italian - or, indeed, of practically any European Nationality (other than British!) your good lady would be able to walk into the UK without it being necessary for you to part with so much as a penny! :cwm23:

Having finished my rant, :welcomex: to our [otherwise] friendly site and be guided by the excellent advice you've already received. :)

[stevewool]

selling your house to bring your wife here, wow, you will be telling me next you will have to sell your own house to pay for you when you become old and put into a home:yikes:

[bigmac]

i am old--compared to you--but--never say die lol

[bigmac]

but--what puzzles me about this £18600 income rule---any immigrant allowed in cant claim benefits anyway.

and--lets be honest--anyone with an average mortgage would be hard pressed to manage on that sort of income anyway.

[stevewool]

very hard if you was just starting out,i class myseft as a very lucky, mortgage soon to be paid, in a good job that pays well, savings, dreams, plans, a beautiful wife who works here,

[andy222]

shes a carer--working with people having learning difficulties. i have to admire her for it--sometimes a dangerous job. i couldnt do it.

Those carers dont get paid enough. I have done it.

[Arthur Little]

wow, you will be telling me next you will have to sell your own house to pay for you when you become old and put into a home :yikes:

That's true too, Steve ... I kid you not! :NoNo:

[joebloggs]

That's true too, Steve ... I kid you not! :NoNo:

tricky question, I'm not sure how many people do have to sell their house, normally a charge is put on it, but obviously if its empty sooner or later it will have to be sold.

and if they didn't have a partner then why would they need a house if they are in a care home, i doubt many would ever go back home.

i think its unfair if there is a partner still living there :NoNo:

and if they dont sell their house, who will pay the £500wk+ fees :cwm24:

[bigmac]

its all recycling.

we grow old--sell up--go into a care home--which employ the very staff who want to come here to work.

[stevewool]

i know 2 people who have gone into homes, there house has to be sold to pay the bills for the home, the kids are able to keep so much of the sale but the rest will be taken to pay the home, so really its best not to have any savings , own home, because those who have never saved, or owned there own home will get the same or more benifits then those who have saved, just my thought , dont mean to offend anyone, also i know or someone who has saved all her life, dont own her own house and is in a home now, but because she has more then the acquired amount, she has to pay for more then those who has not saved, again i dont mean to offend

[bigmac]

it will be interesting to see my life in a few years time.

if i can marry my lady & import her--when its my turn for a care home--they cant very well sell my house with my much younger wife living in it.

[stevewool]

who said anything about you going into a home, i bet your young lady will have something to say about that, having her with you in the family home will be the best thing that will happen to you both

[joebloggs]

i know 2 people who have gone into homes, there house has to be sold to pay the bills for the home, the kids are able to keep so much of the sale but the rest will be taken to pay the home, so really its best not to have any savings , own home, because those who have never saved, or owned there own home will get the same or more benifits then those who have saved, just my thought , dont mean to offend anyone, also i know or someone who has saved all her life, dont own her own house and is in a home now, but because she has more then the acquired amount, she has to pay for more then those who has not saved, again i dont mean to offend

that's true Steve, but if you have some money you can go in the home of your/families choice, because if you have no money or little savings then your choice of care home might be limited, as your local council will have a maximum weekly fee they will pay, and if the care home charges more than this someone will have to pay the top up fee.

planning can prevent this happening in some cases and also knowing the rules, for example if a dependent child lives there then the property can be excluded from any financial assessment:rolleyes:.

[stevewool]

not many dependent children live at home when there mum or dad whos in the late age look after them

[bigmac]

" i bet your young lady will have something to say about that,"

yes--we have discussed that. the filipino ethos about this makes an interesting comparison to that in the UK

[joebloggs]

not many dependent children live at home when there mum or dad whos in the late age look after them

no your right, but grand kids :rolleyes:

[stevewool]

no your right, but grand kids :rolleyes:

thats why you are a mod, and i am just me, i did not think of that,but i must add after 10 mins with my grandsons i am glad to see the back of them , they wear me out:icon_lol::icon_lol:

[joebloggs]

thats why you are a mod, and i am just me, i did not think of that,but i must add after 10 mins with my grandsons i am glad to see the back of them , they wear me out :icon_lol: :icon_lol:

:icon_lol: yes you would go :Cuckoo: i know because i've done it, I managed to keep social services grabbing my moms house for 5yrs and still would have done to this day if not for something happening beyond my control :doh

[Arthur Little]

its all recycling.

we grow old--sell up--go into a care home-- which employ the very staff who want to come here to work.

:gp: ... just goes to show what a valuable role these young people (many of whom are Filipinos) play in the Elderly Care sector.

[oakwell]

I read an article which stated that 40% of workers in the UK would not meet the financial requirements under the new immigration law. It's going to hurt a lot of genuine applicants and all because the govt need to meet a pre election promise