Taking out a loan?
Jun 21st 2013, 2:24 pm
#1
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Joined: Apr 2013
Posts: 8
Taking out a loan?
Hello
I know that I can't take out a loan to meet the £18600 requirement; however would it be possible for my mum to remortgage her house and give me the money as a gift?
I know that I can't take out a loan to meet the £18600 requirement; however would it be possible for my mum to remortgage her house and give me the money as a gift?
Jun 21st 2013, 2:55 pm
#2
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Joined: Sep 2010
Posts: 361
Re: Taking out a loan?
If you are relying on savings alone you would need to have had 62,500gbp under your control for the required 6 month period.
It is all explained here.
http://www.ukba.homeoffice.gov.uk/si...df?view=Binary
Jun 27th 2013, 10:29 am
#3
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Posts: 23
Re: Taking out a loan?
I've been advised that it's very risky to accept a gift like that. I was considering it too. UKBA would want to know where the money originated from and would see that it was from a mortgage. See here:http://www.expatforum.com/expats/bri...-mortgage.html
Have you considered the Surinder Singh route?
Have you considered the Surinder Singh route?
Jun 27th 2013, 10:31 am
#4
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Joined: Jun 2013
Posts: 23
Re: Taking out a loan?
Also:
and
- Mortgage angle won't work, as the UKBA will want to see your partner's parents' bank statements, and when they see the mortgage deposit go in, the gig will be up and they'll refuse the application. Gift must be from available cash on hand and not the proceeds of a loan/mortgage etc.
It's all well and good in the eyes of the UKBA that someone wants to gift you £62.5k and they say as much by allowing such gifts to be made in support of settlement visa applications.
However, in allowing the gift, they (the UKBA) want to know the source of the funds and to ensure that the person(s) "gifting" it to you have the financial means to give you the gift, and as such want to see bank statements supporting the source of the funds.
If the funds were to be transferred into Partner's Mum's account, the UKBA would still want to know where the source of the funds originates.
However, in allowing the gift, they (the UKBA) want to know the source of the funds and to ensure that the person(s) "gifting" it to you have the financial means to give you the gift, and as such want to see bank statements supporting the source of the funds.
If the funds were to be transferred into Partner's Mum's account, the UKBA would still want to know where the source of the funds originates.
Jun 27th 2013, 12:12 pm
#5
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Joined: Sep 2010
Posts: 361
Re: Taking out a loan?
I've been advised that it's very risky to accept a gift like that. I was considering it too. UKBA would want to know where the money originated from and would see that it was from a mortgage. See here:http://www.expatforum.com/expats/bri...-mortgage.html
You said yourself,
We would give them the money back once settled in the UK, I know this means that it is a loan, but who is to stop people from spending the money once it has passed the visa application, it could be another cash gift for instance.
Jun 27th 2013, 10:55 pm
#6
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Joined: Jun 2013
Posts: 23
Re: Taking out a loan?
Yes, but how they know unless they tracked my payments up to a year afterwards and saw me returning the money? I understand your point but I think UKBA would still find the mortgage situation fishy regardless as it's not something people do to give money as gifts.
