Financial requirements for for FLR when spouse has baby with British citizen

Hi All
Following the shock discovery that at age 65 I am to be a father we are now concerned about the financial requirements for my Wife's FLR due Oct 2020.
I have a small personal pension of around £1000 per year plus in January I qualify for the full state pension, I will also have one years accounts for self employed trading as a plumber and intend to work as long as possible.
I understand both our incomes are taken in consideration and my wife intends to resume work after the baby is born.
Do I interpret the rules correctly in thinking our baby born in the UK will be a British citizen and therefore the additional income requirement does not apply i.e remains at the current level of £18.600?
Thanks in advance

Congratulations and yes, assuming you are British and you were born in UK, you are correct that the baby gets british citizenship through you. Baby can also acquire a Philippines passport through your wife but will need to register the birth at the Philippines embassy.

Financial requirements remain at 18,600 but will have to declare the baby but would not expect any impact. Declaring baby is actually a good thing as helps application and provides lots of correspondence.

Have to be careful with application for child benefit but think under rules either of you can claim although safer if you put in claim. If your wife is working and paying national insurance then no particular issues with who claims. If not paying national insurance better for her to claim if possible as would get national insurance credits.

Best of luck. Will be big change in life

Thank you for your answer

Congratulations. Agree with the other posters. I was in the same boat and there's no financial impact. I (the husband) was also able to apply for child benefit for the child with no issuez register the birth as usual, etc.

Doesn't matter if the baby is born in or outside the UK - as long as he/she is entitled to a UK Passport they're entitled to live in the UK (no visa requirement) - the additional income requirement is for, in most cases, the children of wife who aren't entitled to a UK Passport - Filipino kids from previous relationships etc.