Question - self-employment to satisfy FM-SE financial requirements

[leoxd]

Dear all

I hope someone could kindly offer advice on our situation.

I am sponsoring my wife's UK spouse visa via 5-year route. She has been in the UK for 2 years and her current visa will need to be extended in July 2020.

Sadly I have just been made redundant from my permanent employment (Dec 2019).

The good news is we just sold our home so we have sufficient savings in the bank to satisfy the £62.5K requirement.

We really would like to buy our next home asap - but currently I can only get contract jobs (self employment) in this economic environment - so my question is:

- If we use our savings as deposit to buy our next home now - would I be able to rely only on self-employment income for less than 12m (between now and July 2020) to sponsor my wife's visa extension? For context, I earned above the £18.5K income for 2019 through permanent employment.

- Would it be safer for us to keep renting for a while until I've found a permanent job - and only then to buy our next home? Because, if by July 2020 I still can't find a permanent job - I can rely on savings in the bank to sponsor my wife's visa extension?

Hope I've made myself/our situation clear above.

Any advice would be greatly appreciated.

Namo Amituofo

[geoeng]

Have a read of the guidance document below from page 60 for the evidence necessary to meet the financial requirement using self-employment. To apply using this category, only income from the last full financial year is considered in determining whether the requirement is met. Any other sources of income you would wish to combine with self-employment income must fall within the relevant financial year in order to be included and must still be a source of income at the time of application. If you would be unable to provide the required evidence to demonstrate having earned sufficient income in the last full financial year prior to the application date, you would probably be better off applying under a different category. Any chance your wife has any employment you could use instead of or in addition to yours?


https://assets.publishing.service.gov.u ... -ext_1.pdf