Financial Requirement
Greetings 👋
My name is Alexander, I am your personal manager. Let me help you!
-
- Link copied
-
-
-
-
Publication date: 25.06.2025
Recently, our team was asked a question: “Can savings be used instead of income to meet the financial requirement?”
We wanna share the answer from our specialists:
18.06.2025 11:20:49 Yes, savings can be used to meet financial requirements in certain contexts, such as visa applications or mortgage approvals. However, the specific rules and conditions for using savings instead of income vary depending on the situation and the jurisdiction. For example, in the context of UK visa applications, particularly for spouse or partner visas, applicants can use cash savings to meet the financial requirement if they do not have sufficient income. The UK Home Office has set guidelines on how much savings are needed and how long they must be held in an account before applying. Similarly, when applying for a mortgage, lenders may consider substantial savings as part of your overall financial profile. However, they typically still require proof of regular income to ensure you can make ongoing payments. It's essential to check the specific requirements and guidelines relevant to your situation or consult with a professional advisor to understand how savings might be used effectively.
18.06.2025 11:32:10 Yes. If the sponsor (usually the British citizen or settled partner) does not meet the £18,600 minimum income threshold through employment or self-employment, they can use cash savings instead. To rely solely on savings, you must have held at least £62,500 in your or your partner’s name for a minimum of 6 months before applying. These funds must be in a cash account (e.g. current or savings account) and immediately accessible. If combining savings with income, the calculation becomes more complex: the first £16,000 of savings is disregarded, and the remaining savings are divided by 2.5 and then added to any salary to meet the threshold. For example, £22,500 in savings above £16,000 counts as £9,000 towards the income requirement.
18.06.2025 11:43:45 Yes, savings can fully or partially substitute income for meeting the £18,600 financial threshold. If relying solely on savings, you must have held at least £62,500 in cash savings for a minimum of 6 months prior to applying. These savings must be accessible and in the name of the sponsor or applicant. When combining savings with income, the first £16,000 of savings is ignored, and the remainder is converted using a multiplier of 2.5 to calculate the equivalent income. For example, if you have £25,000 in savings, £9,000 counts towards the requirement (£25,000 - £16,000 = £9,000 ÷ 2.5). It’s important that the financial evidence is well documented and verifiable by UKVI.
Similar services and articles
In the CONSULTANT mobile app
As a Client, you are freed from all financial risks when collaborating with Contractors, as the payment amount is reserved by our service and is paid to the Contractor only after receiving confirmation from you about the completion of the stage.
If the service is not provided, the funds are returned to you. The service takes on all financial risks and acts as a guarantor and custodian of funds, and in case of disputes between the parties, acts as an independent Arbitrator.
Your money is in safe hands!
Let us know what you did not like, we are working on improving our service every day!
-
Ukraine
+380
-
Poland
+48
-
United Kingdom
+44
-
United States
+1
-
Other
+
