£38,600

Every year I torture myself with this: should we try to go to the UK or not?

Unless I get struck by lightening or something, I think this is going to be our last chance...

Couple of questions:

1. Has it been decided now that if we apply, from the Philippines, before the Spring of 2024 we will only have to show income of £18,600 pa going forward for the 60 months it takes to get the ILR ?
2. Am I right in thinking that I can convert my UK Premium Bonds to cash and use the history of ownership to satisfy the 6 month cash savings rule?
   
3. If 2 isn't viable, is my only other option given I don't have £18,600 of income pa , to sell the property I've owned in the UK for years and put some of the proceeds in the bank to satisfy the 6 month cash savings rule?

Thanks

You can combine income..pension ?...with savings

Worthy of note it is NOT going to be 38.7k from spring 2024 the figure is 29000 the 38.7 k will be introduced in the spring of 2025


1. What t do with those already on the visa journey before the new income guidelines come into force has not been agreed but has been raised the response from the government of We are establishing the specifics of the policy, including how it will apply to those renewing visas, and will confirm more details in due course. There have been no further updates, however the transitional agreement of 2012 ensured that those on the visa journey at that time a status quo prevailed for the duration of the visa journey
2 yes bear in mind currency conversion rules apply
3 an option if needed

I think it has been agreed that those already on their 5 year settlement journey will remain on the £18,600 pa income until ILR (I thought I posted the government statement confirming this )

Agree its been responded to within the House of Commons which suggests it will get formally announced nearer the time as per the 2012 one.

yes to number 1.
Unless someone knows different, I would say you could leave your money in the premium bonds and still show this as savings and count towards income ?
I would try and keep your house as you will have to provide accommodation proof anyway ?

John you really need to apply because you may never get another chance with these new income requirements that are due to come in.

1. according to what GD223 has posted that is correct.
2. yes, so far as I am aware you can use the Premium Bonds to satisfy the savings rule (provide evidence of 6 months ownership).
3. is answered by 3.

Just a footnote, If you can meet the income requirement that you need to show the £18.600 for the start of the visa journey, would you be able to work once you have got here to continue the visa journey?, if so then you really do need to get your backside into gear before spring 2024.

The bonds I believe have to be liquidated but do not have to of been in the savings account for the 6 months as per general savings, page 48 to 50 cover it in this link https://assets.publishing.service.g.../file/1187167/1.7+-+Financial+requirement.pdf

ok - my take on it as they are premium bonds is they qualify whilst still held in the account because, their cash value is clear and the saving are held as cash. Also because the saving can be immediately withdrawn (unlike stocks shares etc). Saying that I would go with you on this and be safe, John could always just stick them back into bonds after his partners visa is approved !

To be on the safe side having read what Mattecube has posted, I would cash in the Bonds.

You and I think alike .

John if you do not have an income of £18.600 I'm not so sure you and your family could have a comfortable lifestyle on anything less in the UK? here in PH my OAP £800=P56K every 4 weeks is enough for the three of us to live comfortable, owning our own house not requiring AC , our monthly outgoings are quite low, Electric, Internet and the LPG for cooking is around P5K a month.

In 2012 when they introduced the rule that an income of £18.600 would be required, at that time the cost to run my £ Bed 2Bath house there in UK was inside of £300 a month, today this has risen to £450 every month, my house in Scotland is very energy efficient one band lower in tax band that it would be in other parts of the town added to that I have a solar system, I'm sure in many areas in England this figure for this same house would be closer to £500 a month?

So in my own particular circumstances, If say I had a net income of £15K a year; once I take away all my household bills from this figure I would be left with slightly less than £200 a week to live from, with this I could have a comfortable life as a single person (bearing in mind as a Jock I am a tight fisted Bar Steward) this would include running my small car but this is bought and paid for and a full tank of fuel=£45 lasts me two months, however if we were a family of three I would suggest this £200 a month may not be enough to sustain a reasonable lifestyle and would not cover the expense of running a family car?

UK Pensioner.... 'low' income:

State Pension.

Pension credit.

Housing benefit (possibly...zero rent).

No council tax.

Help towards fuel costs.

Free bus travel, and reduced rate on trains.

Free dental treatment.

Lots of additional benefits for dependents, if any.

No income tax.

OR/and, send your Filipina Mrs out to work.

Happy days (but give me life here in the Phils any day) .


.

Thanks @HONEST DAVE my circumstances will change the following year so I'll have to rob peter to pay paul for a year or so to make it work.

As a married UK pensioner I have to pay most of the above, yes the cost of living has gone crazy high especially Food, Energy and Travel costs. We pay more than £125 per month Heating (some turned off), Car Insurance has gone stupid £295 per month plus fuel £60 month, Council Tax £125 monthly, Water £360 per annum, and maybe £300 for Food and other essentials. This is just for two of us.

No I don't send (I take her) my wife out to work she chooses to work, and I have a couple of Pt jobs.

Hopefully this will give John a little idea of what he might pay.

This is useful for me as pension age looms end of the month (66) I intend to carry on working 4 days at first then summer months 3 days our biggest outlay at the moment appears to be gas and electric.

my biggest outlay is definitely my new Filipina wife hahahah !!!

Biggest outlay gas and lec £181 ..council tax 171 water 40 internet 27. Car insurance..230 a year..not month. Wife works full time..but a lot of her income went back home.
I pay all the above..wife pays for food and drink..plus car fuel.

Some people know how to 'work the system', that's all.

I say that as an ex-employee of the Benefit Agency.

Although it’s expensive in UK, I feel that being happy is the most important commodity and as much as I love the sun and warm water, I just haven’t found anywhere in Filo that I could call home and be 100% happy. Saying that, I’m not happy to be here during the winters, so for us and when the dog has gone it’s definitely going to be 8-9 months UK and 3-4 months AirBnB somewhere else. There is also, of course, the small issue of staying here until the boss gets her BC !