"Proof of Funds"

Old Aug 1st 2005, 11:54 pm
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Default "Proof of Funds"

Hi Guys

I have been reading through the application information and we are a little confused about the funds issue....

we know we will have enough money if/when we get out there as will probably sell the flat (probably giving 20k) and will also have lots of savings BUT we don't have that cash now. On the forms it says that we need to prove the funds now to start the application so we're a bit stuck! Is there anyway around this issue or do we really have to wait til the savings are in the bank?

Thanks for your help,
Gill
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Old Aug 2nd 2005, 12:05 am
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Default Re: "Proof of Funds"

Hiya

Rightly or wrongly we just printed off a statement from online banking showing savings and got a letter showing valuation done by estate agent showing what market value is right now.

Hope this helps
Rob

Originally Posted by GillK
Hi Guys

I have been reading through the application information and we are a little confused about the funds issue....

we know we will have enough money if/when we get out there as will probably sell the flat (probably giving 20k) and will also have lots of savings BUT we don't have that cash now. On the forms it says that we need to prove the funds now to start the application so we're a bit stuck! Is there anyway around this issue or do we really have to wait til the savings are in the bank?

Thanks for your help,
Gill
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Old Aug 2nd 2005, 12:09 am
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Default Re: "Proof of Funds"

Originally Posted by GillK
Hi Guys

I have been reading through the application information and we are a little confused about the funds issue....

we know we will have enough money if/when we get out there as will probably sell the flat (probably giving 20k) and will also have lots of savings BUT we don't have that cash now. On the forms it says that we need to prove the funds now to start the application so we're a bit stuck! Is there anyway around this issue or do we really have to wait til the savings are in the bank?

Thanks for your help,
Gill
If you are in the UK London CIC has been accepting proof of funds as valuation of home less outstanding mortgages etc and fully detailed financial statement. This was accepted for us and for many others. BUT this was on bais of substantial equity and conservative valuation by professional valuer.

BUT with looming property crash and fact that you haven't got *huge* equity (NOI), I'd be a little wary of this - due to the huge growing backlog of UK & other cases at London, they might get might fussy in the near future. This may not be the case, but if I was in their shoes I might think that way.

You may want to decide to take out capital and tie this up into proven liquid funds and show this to CIC in your application. At very least, it puts you ahead of anyone with *borderline* evidence of funds.

Rich.
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Old Aug 3rd 2005, 3:25 am
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Default Re: "Proof of Funds"

Originally Posted by GillK
Hi Guys

I have been reading through the application information and we are a little confused about the funds issue....

we know we will have enough money if/when we get out there as will probably sell the flat (probably giving 20k) and will also have lots of savings BUT we don't have that cash now. On the forms it says that we need to prove the funds now to start the application so we're a bit stuck! Is there anyway around this issue or do we really have to wait til the savings are in the bank?

Thanks for your help,
Gill

Hi there! My husband and I have just gone through the process and are awaiting the return of my husbands passport with visa issued! We wrote a letter that we put in as an appendix at the back of application stating what our proposed savings would be. We were/ are in the same boat. With the sale of our apartment and our savings we will have around £40 000 but at present we have no where near that. They seemed to accept that because we never had to provide any more info.

Hope this helps a bit. Good luck!
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Old Aug 3rd 2005, 3:35 am
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Default Re: "Proof of Funds"

Originally Posted by Fiona Shearer
Hi there! My husband and I have just gone through the process
There isn't a financial requirement for spousal sponsorship though, I think the OP is a skilled worker. Great news about yr husband's passport request though, that was pretty quick, seems like only yesterday you were filling out the forms! Congrats to you both
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Old Aug 3rd 2005, 3:53 am
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Default Re: "Proof of Funds"

Originally Posted by Biiiiink
There isn't a financial requirement for spousal sponsorship though, I think the OP is a skilled worker. Great news about yr husband's passport request though, that was pretty quick, seems like only yesterday you were filling out the forms! Congrats to you both
Thanks very much! I can't quite believe how fast it's gone... I meant to say that in my response there that we were a sponsorship application. We provided that letter because in the checklist it asked for minimum necessary income (my UK income is low compared to my husbands) and also since i was living outside of canada proof that we intended to stay there permenantly. Better to give them too much info than not enough. We are hoping to get passport returned within a couple of months and plan to head out next spring! Yay!
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