Applying through the savings route
Sep 4th 2016, 3:15 pm
#1
Forum Regular
Thread Starter
Joined: Jul 2016
Posts: 36
Applying through the savings route
Hi everyone,
I cannot believe I have stumbled across this fantastic forum and want to thank in advance all those who contribute to it, I have read many posts, but have a few specific questions;
I am a UKC with a US husband and we have two biological kids who are UKCs, we plan to relocate from Asia next Autumn as I will studying full time and he will be seeking some part time work when he is not looking after the kids, so my husband will be the applicant and we will be applying through the savings route.
We are in the process of getting our finances together so we will have 6 months statements by the time of our application in April and have a few questions;
1. How important is it to have joint accounts? (we currently do not have them and will not be able to add him to any of my UK accounts as we are in Asia)
2. We will use the rental income from a property I own in the UK to go towards the 62.5k - is it ok that this property is only in my name (my husband is self-employed in Asia which was too 'outside the box" for the mortgage company at the time)
3. Do we need to add the amount for the return flights, relocation costs, and college fees to the 62.5k? Or can the 62.5k include them?
Many thanks in advance,
I cannot believe I have stumbled across this fantastic forum and want to thank in advance all those who contribute to it, I have read many posts, but have a few specific questions;
I am a UKC with a US husband and we have two biological kids who are UKCs, we plan to relocate from Asia next Autumn as I will studying full time and he will be seeking some part time work when he is not looking after the kids, so my husband will be the applicant and we will be applying through the savings route.
We are in the process of getting our finances together so we will have 6 months statements by the time of our application in April and have a few questions;
1. How important is it to have joint accounts? (we currently do not have them and will not be able to add him to any of my UK accounts as we are in Asia)
2. We will use the rental income from a property I own in the UK to go towards the 62.5k - is it ok that this property is only in my name (my husband is self-employed in Asia which was too 'outside the box" for the mortgage company at the time)
3. Do we need to add the amount for the return flights, relocation costs, and college fees to the 62.5k? Or can the 62.5k include them?
Many thanks in advance,
Sep 4th 2016, 3:28 pm
#2
BE Forum Addict
Joined: Jul 2012
Posts: 1,221
Re: Applying through the savings route
As long as you are using the savings route, the £62,500 can be in either or both names but must be in the account(s) for a minimum of six months and never dip below that amount. Your expenses do not factor in to the funds. They just want to see that you have that amount in an accessible account.
Sep 7th 2016, 1:41 pm
#3
BE Enthusiast
Joined: Oct 2013
Location: Cheshire East
Posts: 588
Re: Applying through the savings route
[QUOTE=Arsenalfc;12043436] We will use the rental income from a property I own in the UK to go towards the 62.5k /QUOTE]
I'm a bit confused by this - do you mean the future income stream from rental of the property you own?
For the savings route, you must have held the funds in an account for 6 months prior to the application. The exception to that is proceeds from the sale of your house.
For example, if you have £55,000 in an account (and have had this for several months), and expect rental income of £7,500 over the next 6 months, that won't fulfill the savings route criteria as you won't have held the minimum required amount for the entire 6 months time frame.
After the visa is approved, you can use some of the funds, but keep in mind that down the road, when it's time for FLR, the same financial requirement will apply if you intend to use savings.
I'm a bit confused by this - do you mean the future income stream from rental of the property you own?
For the savings route, you must have held the funds in an account for 6 months prior to the application. The exception to that is proceeds from the sale of your house.
For example, if you have £55,000 in an account (and have had this for several months), and expect rental income of £7,500 over the next 6 months, that won't fulfill the savings route criteria as you won't have held the minimum required amount for the entire 6 months time frame.
After the visa is approved, you can use some of the funds, but keep in mind that down the road, when it's time for FLR, the same financial requirement will apply if you intend to use savings.
