Spouse visa financial requirements

[amylin]

Hi
My partner owns a property in the UK for some years with a regular mortgage and he has changed the mortgage to a "buy-to-let" seven months ago, by doing this it has then released some cash to our account.

My question is that can this cash see as our part of cash savings or "non employment income" or "income from investments"?

Note, we do own another property in the UK that we use as our home base.

Does everyone know the answer to it?

Many thanks

[bobbyboat]

How has changing the mortgage to 'buy-to-let' "released some cash to our account"? Or do you simply mean, the house is being rented out and you are receiving rental income?

Rental income can be used as income. BUT if this is the house you will be moving back to, then it cannot be used, as far as I'm aware.

[ariamus]

BUT if this is the house you will be moving back to, then it cannot be used, as far as I'm aware.

OP has said they have another property which they use as their home.

[ariamus]

Hi
My partner owns a property in the UK for some years with a regular mortgage and he has changed the mortgage to a "buy-to-let" seven months ago, by doing this it has then released some cash to our account.

My question is that can this cash see as our part of cash savings or "non employment income" or "income from investments"?

Note, we do own another property in the UK that we use as our home base.

Does everyone know the answer to it?

Many thanks

You’ve not said how you intend to meet the financial requirement. Does your spouse work for a company, self-employed, not working?

Yes you can use cash savings if they have been held in the account for a minimum of 6 months. However if the balance 6 months ago was £500 and is now £3,000, only the £500 can be used.

Separately to the visa, also remember your spouse needs to declare the rental income for Income Tax purposes.

[amylin]

Hi
We intend to use cash savings only,to meet with the financial requirements.

As an investment, we do rent the property out and the rent goes towards the mortgage. Like I mentioned, we have then remortgage the property to "buy to let" seven months ago and this, provided us a lump sums cash.

So can we include this cash in cash savings to made up £62,500 to meet the financial requirements?

Thank you all

[CR001]

You cannot use a loan or credit facilities, which is surely what a remortage is, to meet the financial requirement through savings. You can use proceeds from the sale of a property though but this is evidently not what you have done.

You also have declare the source of the funds to use the savings route, and HO do often ask for the full evidence and paper trail.

Page 17 and page 54

https://assets.publishing.service.gov.u ... ext_1_.pdf