Page 1 of 1
ILR financial requirements
Posted: Sun Dec 10, 2023 4:50 pm
by 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
Re: ILR financial requirements
Posted: Sun Dec 10, 2023 5:36 pm
by CR001
Depends how much savings you have. Anything under £16,000 is not counted towarda the financial requirement.
Re: ILR financial requirements
Posted: Sun Dec 10, 2023 6:03 pm
by cherrystrawberry777
For example, my income is £18000. How much savings do I need to meet the requirements?
Re: ILR financial requirements
Posted: Mon Dec 11, 2023 1:25 am
by 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
Re: ILR financial requirements
Posted: Mon Dec 11, 2023 9:30 am
by cherrystrawberry777
zimba wrote: ↑Mon Dec 11, 2023 1:25 am
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?
Re: ILR financial requirements
Posted: Mon Dec 11, 2023 12:17 pm
by zimba
Yes, but they periods of earnings must match. Read the guide:
https://assets.publishing.service.gov.u ... rement.pdf