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Topic: Limit to number of jobs to meet financial requirement?  (Read 1247 times)

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Limit to number of jobs to meet financial requirement?
« on: September 27, 2020, 09:53:08 AM »
I'm wondering if there is a limit to the number of jobs that can be used to meet the financial requirement.

For example, say my spouse has one part time job and I have two. And that our income from all three brings us over the financial requirement. Can we use all three jobs to meet the requirement?

Also out of curiosity, say we had those three jobs and didn't reach the minimum income. Could we then combine three part time jobs with savings to make up the difference?

Thanks for reading.


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Limit to number of jobs to meet financial requirement?
« Reply #1 on: September 27, 2020, 10:09:16 AM »
I'm wondering if there is a limit to the number of jobs that can be used to meet the financial requirement.

For example, say my spouse has one part time job and I have two. And that our income from all three brings us over the financial requirement. Can we use all three jobs to meet the requirement?

Yes, you can use as many jobs as you need to.

Quote
Also out of curiosity, say we had those three jobs and didn't reach the minimum income. Could we then combine three part time jobs with savings to make up the difference?

Yes, you can, but be aware that to make up the difference, you need at least the following amount in savings, which must have been held in your account(s) in full for at least 6 months:

£16,000 + [2.5 x (£18,600 - the shortfall)]

So, for example, if your 3 jobs together gives you £17,000 in income, meaning you are £1,600 short, you need the following amount in savings:

£16,000 + (2.5 x £1,600) = £20,000 in savings.

And that £20,000 must have been in your account in full for 6 months... if it has dipped below £20,000 for even 1 day of the 6 months, the savings cannot be used.


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Re: Limit to number of jobs to meet financial requirement?
« Reply #2 on: September 27, 2020, 10:24:57 AM »
Okay great thanks for your detailed and helpful response!


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