Employment & savings

[cmt30]

Hi, I was hoping you guys can help me clear up a couple of questions.

Firstly I been working full time for 2 years at one of my current jobs recently receiving a pay rise a couple of months ago. I've also been doing part time at my mums to try and make up the minimum annual salary.

What I'd like to know is would it be ok if I switched my full time and part time jobs around? Would it still be OK to use 6 months of payslip?

Secondly I wanted to clear up the £16k worth of savings. Do I need to have had the full £16k in my accounts for 6 months?

Or will it be OK if, say I had £14k for 2 months then managed to save and have £16k for the last 4 months?

Hope this all makes sense, thanks in advance for any help and advice!

[MPH80]

You only require the £16k if your income doesn't go over the threshold of £18.6k.

If it does fail to go over the income - you need the following in your account for the entire 6 months before the application:

16,000 + (income shortfall * 2.5).

So let's say you were 2k short - that'd be 16 + (2*2.5) = £21k.

Note that the pay rise received will have to be 6 months old too to be considered as your new annual income. They assess the income at the lowest level it was in the last 6 months.

[cmt30]

Thanks MPH80 for making the £16k savings clear. At the moment I'm fine but was just checking in case anything happens.
So switching from full time > part time and vice versa is fine?
Thanks.

[MPH80]

Well - you can switch because you're remaining with the employer.

They key is about the salary level. If you switch jobs around and it takes your salary below the threshold - that's a problem.

Change employers and it becomes more of a problem as you then have to prove your income over the past 12 months, not just the past 6.

[cmt30]

Thank you for your reply MPH80. Its helped a lot, I should be fine with switching hours as I will still be over the threshold.
I'm guessing I should write a cover note about why my payslips have switched amounts? Thanks.

[MPH80]

I always recommend it and make it clear what you've included in the cover note.

When I applied for my wife - we wrote a covering letter explaining each piece of evidence. It wasn't long - but it would say things like 'my husband earns £x as evidenced by the included payslips from employer y over periods a,b,c'.

In your case - I'd suggest it's very important and make clear you're earning over the threshold and explain your current hours and changes of hours.

M.

[cmt30]

Thank you so much MPH80, I have my answers so I guess mods can close this thread. Thanks.

[Omaricious]

Jst a quick questionabout combining jobs in order to meet financial requierements. Here is the case :

My partner earns 16k from her full time job and will start a part time job in order to meet the required 18,6k!! We r willing to apply in the next 6 months! So wud it work if we combine both incomes n present the latest 6 months payslips from both jobs + 6 months bank statements??