A few financial requirement questions

[stupot]

Hi folks. Thank you in advance for reading this post.

My wife (non-EEA) and I (British) intend to move to the UK next year from outside Europe. We have started consolidating our finances so as to meet the financial requirements. We should just about be able to do it using a mixture of savings here and rental income from property in the UK.

I have a few questions that I hope someone can answer, as follows:

1. I have a property under my name in the UK that is rented out. I believe the income from that rent can be counted. However, my wife also has a property under her name in the UK that is rented out. Can that rental income be used in any way? I believe the answer is no. We would not be staying in either of those properties when we move back, btw.

2. We would need to also use savings that are in our bank account here (not in the UK). The savings were not originally in pounds Sterling, but have now been exchanged into pounds (which goes into a foreign currency account at the same bank, still in our name, but with a different account number). After exchanging them, does the clock reset to the beginning of the 6-month period or can we start from when we put them into an account in a currency other than pounds? I believe the answer is that we do not need to reset the clock as long as we can show that the money was under our control that whole time.

3. If we were to move the savings mentioned in (2) into an account that matures after 6 months (we can withdraw the money at any time, albeit with a penalty). Would that be OK? I believe it is.


I'm basing all of my answers on section 7 here: https://www.gov.uk/government/uploads/s ... rement.pdf, so please let me know if that document is not valid.

Thanks again. I really appreciate any and all answers.

[Obie]

The Income from both your rented accommodation in the UK will be counted, so long as it will not be your main residence.

The savings does not have to be in pounds or held in a UK bank.

The currency will be converted prior to application, and provided the savings exceed 16000, any amount left, after 16000 is deducted from your saving, will be divided by 2.5 and added to meet the 18600 requirement.

I am guessing you will start a job within 3 months of arriving, or starting a business.

[stupot]

The Income from both your rented accommodation in the UK will be counted, so long as it will not be your main residence.

The savings does not have to be in pounds or held in a UK bank.

The currency will be converted prior to application, and provided the savings exceed 16000, any amount left, after 16000 is deducted from your saving, will be divided by 2.5 and added to meet the 18600 requirement.

I am guessing you will start a job within 3 months of arriving, or starting a business.

Hi Obie,

Thanks for your reply. Can you possibly link to any information stating that my wife's property rental income counts? I can only find information relating to my UK income and savings in either of our names in any country/currency.

And just to clarify, I'm aware of the savings being converted prior to application, but my concern is with it moving from one account to another (and changing currency to pounds) during the six month period prior to application.

No job offer in the UK in advance of the move, hence the need to go the savings route.

Thanks again,
Stu

[SoHopeful]

Page 38 onwards in the document you mentioned above has the details around income from rental properties.

[stupot]

Page 38 onwards in the document you mentioned above has the details around income from rental properties.

Thanks, SoHopeful. I just had another read through it and although I can't find any specific clarification there about if it's only rental income in the name of the partner/sponsor, or the applicant too, page 37 has the following (my capitalisation):

6.1.2.
Unless otherwise specified, the specified non-employment income which the applicant’s partner AND/OR THE APPLICANT have received in the 12 months prior to the date of application can be counted towards the financial requirement.

Thanks again.