ILR funding Question

goodmans · Post by **goodmans** » Sat Aug 02, 2008 10:30 am

Hi everybody,

I am a Self employed contractor and on HSMP. I am eligible for ILR in the month of Jan, 2009. I have to go for stamping in the same month as my HSMP visa finishes in JUN-2009.

My concern is I am planning to buy a house in next couple of months. So

1. Most of my funds(bank balance) will have to be invested in the property.
2. I will not have more than 2k in my bank account by JAN-2009.
3. But my Business account will have sufficient funds.
4. I will he owner of a house.

So my questions are,
1. Will my house be considered as funds?
2. Will it cause any problem to my ILR? saying I dont have enough balance in the bank account?

Please help me out of this confusion. Your help is very much appreciated. Please share with me if you have any experience on this topic.

Regards

republique · Post by **republique** » Sat Aug 02, 2008 11:24 am

Did you look at the application and guidance for naturalization?

goodmans · Post by **goodmans** » Sat Aug 02, 2008 3:50 pm

Yes I have gone through the application form and guidance. Its asking for the accommodation status (renting or own a house etc).

I know owning a property is always an advantage. But I am wiping off my bank account for that, so trying to find out if any of the forum people know about it bit more accurately.

Thanks.

dnicky · Post by **dnicky** » Sat Aug 02, 2008 7:28 pm

Did you look at the application and guidance for naturalization?

OP is planning to apply for ILR and not naturalization, if I'm not wrong.[/quote]

republique · Post by **republique** » Sat Aug 02, 2008 10:00 pm

dnicky wrote:
Did you look at the application and guidance for naturalization?
OP is planning to apply for ILR and not naturalization, if I'm not wrong.

[/quote]
Ah, I thought he wrote naturalization. Did he change it?

goodmans · Post by **goodmans** » Mon Aug 04, 2008 10:37 am

Sorry guys. No suggessions yet :( or am I asking a foolish question or my question doesnt have answers? I dont understand my situation. Please help me. Your help is very much needed.

Cheers
Goodmans

paulp · Post by **paulp** » Mon Aug 04, 2008 11:49 am

IMHO, a house is a plus but it's not as liquid as personal funds in a bank account.

whirly · Post by **whirly** » Mon Aug 04, 2008 12:52 pm

goodmans wrote:Hi everybody,

I am a Self employed contractor and on HSMP. I am eligible for ILR in the month of Jan, 2009. I have to go for stamping in the same month as my HSMP visa finishes in JUN-2009.

Funding question aside, I don't understand your timeline. Are you eligible to apply in January or June?

As for buying a house, it certainly shows a commitment to staying here in the UK...

goodmans · Post by **goodmans** » Tue Aug 05, 2008 3:13 pm

I will have enough funds in my business account. But I will not be having much money in my personal account.

My HSMP visa is valid till JUN-2009. But I finish the 5 years time line for ILR in JAN-2009 (I came into the country in FEB-2004).

So as soon as I finish 5 years stay in the UK (under work permit /hsmp) I can straight away apply for ILR I guess ( in JAN-2009). Am I correct? Sorry for the confusion.

Regards
Goodmans

whirly · Post by **whirly** » Tue Aug 05, 2008 7:22 pm

goodmans wrote:I will have enough funds in my business account. But I will not be having much money in my personal account.

My HSMP visa is valid till JUN-2009. But I finish the 5 years time line for ILR in JAN-2009 (I came into the country in FEB-2004).

So as soon as I finish 5 years stay in the UK (under work permit /hsmp) I can straight away apply for ILR I guess ( in JAN-2009). Am I correct? Sorry for the confusion.

Regards
Goodmans

That makes sense... January it is, then.

I don't know as much about ILR for work permit/HSMP holders as the senior members do (I got mine through a spouse visa), but if you fulfill all the requirements for SET(O), I don't see why you can't go ahead with the house purchase now. More power to you...

goodmans · Post by **goodmans** » Thu Aug 07, 2008 2:39 pm

Thanks mates, But ......................

First thing is Housing market is not that good. And this ILR thingie in the middle what to do now. :( I better wait till 2009 1st Qtr I guess.

Regards
Goodmans

alina76 · Post by **alina76** » Thu Aug 07, 2008 2:47 pm

Hi,

I am on HSMP visa and my understanding is that if you are employed it does not matter whether you have got much savings or not. I have bought a house six months back and now only Â£ 1200-1500 left in my saving account but as I am employed I will not be worried for this.

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