Savings Only.

[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..