Financial requirement

[monamd]

A question to rattle the brain of fellow members:

I have someone who is earning a rental income of £1100 per annum for the past 12 months, All income goes directly into the account and therefore 12 months' bank statements can be provided, title deeds and rental agreement can be provided as per rules.

Question is, what if the main bulk of these funds are used to pay the mortgage, from the same account, on a monthly basis? if you take it word for word, do they not meet the requirements? or is the mortgage payment going to affect this.

PS - remaining income is to be offset from cash savings, they do not live at the property as main address

[harv]

Okay the issue over here is not the rental income but the 'Lawful income'.

In order to use this income you need to register yourself as self employed and the income should be notified to HMRC as this is a business typ mortgage called BTL/Buy-to-Let. Only the profit will be onsidered as the income because the mortgage interest is considered to be an expenditure from BTL/HMRC point of view.

So now in order to qualify in the self-employed side you will need to provide one years accounts if operating through a limited company. If self employed without a limited company than again other set of documents are required i.e. SA302, P60 etc etc.

If an employment exists as the main employment meeting the financial requirements. I would suggest to use that rather than looking into the area of rental income.

Hope I have not confused thing for you...

[monamd]

Okay the issue over here is not the rental income but the 'Lawful income'.

In order to use this income you need to register yourself as self employed and the income should be notified to HMRC as this is a business typ mortgage called BTL/Buy-to-Let. Only the profit will be onsidered as the income because the mortgage interest is considered to be an expenditure from BTL/HMRC point of view.

So now in order to qualify in the self-employed side you will need to provide one years accounts if operating through a limited company. If self employed without a limited company than again other set of documents are required i.e. SA302, P60 etc etc.

If an employment exists as the main employment meeting the financial requirements. I would suggest to use that rather than looking into the area of rental income.

Hope I have not confused thing for you...

Thanks for your reply, that does make alot more sense, does not seem plausible to just take rental income and disregard mortgage payments. unfortunately, we do not have existing employment to utilise, other than a new employment to commence in the next month, looks like a 6 month wait!

[geriatrix]

in a nutshell will online bank statements, each page stamped, suffice for a spouse Entry clearance visa application.

I have read challenges to the UKBA that there is a disparity between the use of online statements for PBS applications and Family applications, the latter, I can only presume were not deemed as adequate. There is yet to be an official response from the UKBA on this. Any thoughts?

[monamd]

sorry sushdmehta i see why you locked it.

Anyway i think I have gathered the answer, Appendix FM-SE 1(h) states all documents must be original, therefore it is ambiguous whether printed signed copies will suffice, same concept for printed wage slips, unsure whether that will suffice. No mention in the Guidance either

Paragraph 1(k) states discretion can be inferred, what is the likelihood that that this will be universal?? These new immigration rules for family members are pathetic!

[harv]

If you have original documents then submit those. If you are worried that these might get lost and you cannot get them from anywhere, you can also supply a certified copies from a solicitor.

If you do not have original copies, than you would need to get them signed by the source i.e. Bank Statements to be signed by Bank branch, payslipd by HR etc

Hope this helps.