darren1971 Posted September 10, 2019 Share Posted September 10, 2019 Planning ahead a bit here, never a bad idea. For my wifes FLR application we will be combining incomes with cash savings. I have read all the guidance but still can not decide if we meet the requirement. Any advice appreciated. Here is a list of how I would like to meet the requirement. £10,600 from salaried employment - 6 months evidence £5,400 from non-salaried - employment more than 6 months (hourly pay which varies every month) - 6 or 12 months required??? The remaining £2,600 requirement covered by stocks and shares ISA, FSA regulated UK broker. (more than £22,500 would cover the £2,600 shortfall). I would have 6 months statements from the broker showing the required amount for 6 months prior to application. The official guidance says "In a personal bank account" - but contradicts itself in other parts saying in a stocks and share account is acceptable??? thank's in advance Link to comment Share on other sites More sharing options...
7by7 Posted September 12, 2019 Share Posted September 12, 2019 On 9/10/2019 at 9:37 PM, darren1971 said: The remaining £2,600 requirement covered by stocks and shares ISA, FSA regulated UK broker. (more than £22,500 would cover the £2,600 shortfall). I would have 6 months statements from the broker showing the required amount for 6 months prior to application. The official guidance says "In a personal bank account" - but contradicts itself in other parts saying in a stocks and share account is acceptable??? From the financial requirement appendix, 7.4. Cash savings – further guidance: Quote 7.4.4. For example, in the UK a ‘stocks and shares’ Individual Savings Account (ISA) does meet the definition of a savings account and the funds can be considered as cash savings if all the requirements above are met. Likewise, a pension savings account from which savings can be immediately withdrawn So a stocks and shares ISA is counted as a personal bank account and the amount held therein as cash savings for this purpose; provided the account meets all the requirements listed in the table at 7.4.3.. Link to comment Share on other sites More sharing options...
7by7 Posted September 12, 2019 Share Posted September 12, 2019 On 9/10/2019 at 9:37 PM, darren1971 said: £5,400 from non-salaried - employment more than 6 months (hourly pay which varies every month) - 6 or 12 months required??? From 5.1. Category A: With current employer for 6 months or more – person residing in the UK Quote 5.1.4. The only difference in Category A between salaried and non-salaried employment is how gross annual salary or employment income is calculated......... Where the person is in non-salaried employment – the level of gross annual employment income relied upon in the application will be the annual equivalent of the person’s average gross monthly income from non-salaried employment in the 6 months prior to the date of application (where that employment was held throughout that period). To calculate this annualised average for non-salaried employment in Category A the following calculation should be used: (Total gross income from employment held throughout the 6 month period, divided by 6) multiplied by 12 = Income from non-salaried employment that can be counted towards the financial requirement. So 6 months. Link to comment Share on other sites More sharing options...
7by7 Posted September 12, 2019 Share Posted September 12, 2019 On 9/10/2019 at 9:37 PM, darren1971 said: £10,600 from salaried employment - 6 months evidence Is this the annual salary, or what was earned in the 6 months? If the latter, then surely this gives an annual salary of £21,200? Which is enough to meet the requirement on it's own. Link to comment Share on other sites More sharing options...
darren1971 Posted September 12, 2019 Author Share Posted September 12, 2019 6 hours ago, 7by7 said: Is this the annual salary, or what was earned in the 6 months? If the latter, then surely this gives an annual salary of £21,200? Which is enough to meet the requirement on it's own. Annual salary. So I'm on a fixed annual salary of £10,600, my wife works in the same business paid hourly and we have all our savings in a stocks and shares ISA. Based on your replies I think we are ok to combine all 3 with 6 months bank statements from me and my wife and our last 6 months statements for our ISA. Thank's for the replies. Link to comment Share on other sites More sharing options...
7by7 Posted September 12, 2019 Share Posted September 12, 2019 2 minutes ago, darren1971 said: Based on your replies I think we are ok to combine all 3 with 6 months bank statements from me and my wife and our last 6 months statements for our ISA. I think so, too. 1 Link to comment Share on other sites More sharing options...
rasg Posted September 12, 2019 Share Posted September 12, 2019 On 9/10/2019 at 9:37 PM, darren1971 said: The official guidance says "In a personal bank account" - but contradicts itself in other parts saying in a stocks and share account is acceptable??? If Premium bonds and not acceptable, somehow I doubt that a stocks and shares ISA will be. What documents should you provide? These are some of the common requirements: Bank statements to show that cash is held in a personal bank account in your name or jointly with your partner. Bank statements for a period of 6 months if you are relying on general cash savings. If savings are a gift you must declare the source. Savings must be held in cash and able to be immediately withdrawn if required. You are in control of the account. Source of income is legal and the money has not been received illegally. Money has been declared. Letter from your conveyance lawyer detailing source/validity of the savings. Link to comment Share on other sites More sharing options...
7by7 Posted September 12, 2019 Share Posted September 12, 2019 2 minutes ago, rasg said: If Premium bonds and not acceptable, somehow I doubt that a stocks and shares ISA will be. With respect, see my earlier quote from the financial requirement appendix: 9 hours ago, 7by7 said: 7.4.4. For example, in the UK a ‘stocks and shares’ Individual Savings Account (ISA) does meet the definition of a savings account and the funds can be considered as cash savings if all the requirements above are met. Likewise, a pension savings account from which savings can be immediately withdrawn Link to comment Share on other sites More sharing options...
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