ILR financial requirements

[cherrystrawberry777]

Hi all!

Can I use income and cash savings (combined) to apply for ILR? How can I calculate how much savings do I need? What is the formula ?

Thank you

[CR001]

Depends how much savings you have. Anything under £16,000 is not counted towarda the financial requirement.

[cherrystrawberry777]

For example, my income is £18000. How much savings do I need to meet the requirements?

[zimba]

If you are short of £X to meet the requirement, then the minimum cash saving you need will be (£16,000 + £X)
So if you need to rely fully on cach savings, you need minimum cash savings of £16,000 + £18,600 = £34,600

or if you have an annual income of £1000, then you are short of £8,600 to meet the requirements, so you need minimum cash savings of £16,000 + £8,600 = £24,600
or If your income is £18000, then you are short of £600. So you need minimum cash savings of £16,000 + £600 = £16,600

[cherrystrawberry777]

If you are short of £X to meet the requirement, then the minimum cash saving you need will be (£16,000 + £X)
So if you need to rely fully on cach savings, you need minimum cash savings of £16,000 + £18,600 = £34,600

or if you have an annual income of £1000, then you are short of £8,600 to meet the requirements, so you need minimum cash savings of £16,000 + £8,600 = £24,600
or If your income is £18000, then you are short of £600. So you need minimum cash savings of £16,000 + £600 = £16,600

Thank you , zimba!

And also if we decided not to use savings then can we combine income if I’m employed by the company and my husband is self employed?

[zimba]

Yes, but they periods of earnings must match. Read the guide: https://assets.publishing.service.gov.u ... rement.pdf