Savings Only.

[Arjie]

Hi All,

Does anyone know if my Fiancé and I, can apply for a “Fiancée Visa” with his
Savings alone as income, and how much would we need?

My Fiancé is self-employed and his work is very bad in the UK at the moment.

Thank you,

Arjie

[bhem_bhem]

Hello, if ull depend entirely to cash savings, u need to have £62,500 savings.

[Arjie]

Hello, if ull depend entirely to cash savings, u need to have £62,500 savings.

thank you, but does £62,500 include the first £18,600 which is not counted?

In other words is £62,500 the total savings without any other income?

Thank you.

[bhem_bhem]

Yeah, it is..

[Arthur Little]

Being self-employed - even at the best of times - is bound to have its "peaks and troughs". But, almost inevitably, normal profits are going to take a BIG DIP in the current economic recession.

Nevertheless, Arjie ... it is my understanding that savings in excess of £16k can be utilised towards any shortfall in your sponsor's income level.

[Mrs.P]

Hi bhem_bhem may i know where the computation of £62,500 come from?

[bhem_bhem]

Hi bhem_bhem may i know where the computation of £62,500 come from?

i'm sorry i can't explain one by one how they do it but here's the computation they made:
£16k + (£18,600 x 2.5 ) = £62,500 (this are for applicants who are not working and plan to use cash savings to meet the financial requirements).

[Terpe]

Hi bhem_bhem may i know where the computation of £62,500 come from?

That £62500 is based on having £0 income from any source.

In terms of savings it's only amounts over £16000 that can be counted.
(The UKBA logic is that most UK benefits can only be claimed if the applicant has less than £16000 savings. So if you have at least £16000 then you will not be able to have recourse to public funds)

The Financial Requirement is for a gross income of £18600 per year. The first stage of the visa is a validity of 30 months (2.5 years) therefore the amount of money available for the couple during that initial period is £18600 x 2.5 = £46500
Now add this to the £16000 starting point and you end with £62500

Take also this example where the applicant's partner has a gross income of £15000
The shortfall in income is £18600 - £15000 = £3600

To make up for this shortfall and to qualify under the Financial Requirement the amount of savings would need to be:-

£3600 x 2.5 = £9000
Then add this to the starting level of £16000 means £16000+£9000 = £25000

Now, this initial visa period is up to 2.5 years (30months) after which time a further application for leave to remain will need to be made under the very same conditions of Financial Requirements.
Means if, after 2.5 years, the income of the couple remains at £0 then again £62500 savings needs to be shown.

However if both are employed and if the combined income of the couple reaches £18600 then the Financial Requirement is met. No savings are needed

Do also remember that both savings and income levels need to be proven for the 6 months prior to any visa application.

Hope this helps

[Arjie]

Yes,thank you very much Terpe,Arthur,Bhem-Bhem that made it very clear for us..

[Mrs.P]

Thanks bhem_bhem & terpe

[bhem_bhem]

Welcome..

[Rb2004]

Maybe it's because of the old and new rules, but when my fiancé submitted an application we demonstrated finances over double that requirement in the bank and they still tried to say because I hadn't demonstrated income and outgoings the visa was denied.

[Terpe]

Maybe it's because of the old and new rules, but when my fiancé submitted an application we demonstrated finances over double that requirement in the bank and they still tried to say because I hadn't demonstrated income and outgoings the visa was denied.

The differences between old rules and new rules are huge.
The concepts are different.

In your case under the old rules, the focus was on regular income and account was taken of certain outgoings. That's why it was important for you to very clearly demonstrate a history of incomings as well as outgoings.
Additionally you needed to demonstrate a disposable income equal to that of the current income support levels.
Failure to do that means applications will fall for refusal.
Savings were not given any weight.

The new rules mean that a gross income is the threshold without any consideration to outgoings or to affordability of an additional consuming adult in the houshold.
Also, even without income it's possible to secure a settlement visa solely on the basis of savings.
The new rules give a big weighting to the role of savings.

[tiger31]

I am on a war dissablement pension do I need savings for settlement visa for my g f ?

[Terpe]

I am on a war dissablement pension do I need savings for settlement visa for my g f ?

You don't need any savings if you meet the minimum income threshold.
Currently £18600 pa (no dependents)