Meeting the financial requirement...

Hello all!!  I'm new to the forum but have been silently stalking for the past 3 months in an attempt to gather as much information as possible before applying for my UK spouse Visa.
 
This is the best, most informative forum EVER!
 
My back story...I'm the US citizen (Orange County, CA) and my fiance is the British citizen, born and raised in Wales (Cardiff).  We marry in May 2018 and will be applying for the Visa immediately after.
 
Our dilemma:
 
My fiance has worked at his current job for several years.  His base salary does NOT meet the financial requirement, but he has consistent/steady overtime that not only meets but exceeds the financial requirement.  The question is...is overtime taken into consideration?
 
If not, I am fully vested in my company 401k, being fully vested means that I am the owner (according to the 401k program administrator), so it is my understanding that I can use the 401k savings to supplement my fiance's salary if necessary.  My statements however are addressed to both me AND my company.  Just wondering if this will be an issue?
 
I'd appreciate any insight you have to offer.
 
Thanks in advance.
Roz

Welcome to the forum, Roz .

My fiance has worked at his current job for several years.  His base salary does NOT meet the financial requirement, but he has consistent/steady overtime that not only meets but exceeds the financial requirement.  The question is...is overtime taken into consideration?

Overtime is taken into consideration for previous income over the last 6 or 12 months, but it won't be considered for any future income unless it is guaranteed to continue being paid after you apply for the visa

So, in order to meet the requirement using his income, you would have to show:

- he has been earning at least £18,600 for the last 6 months
AND
- he will continue to earn at least £18,600 in the future... so he would need a guarantee from his employer that he will definitely continue to earn overtime that will bring his total future income up to £18,600 per year.
 

If not, I am fully vested in my company 401k, being fully vested means that I am the owner (according to the 401k program administrator), so it is my understanding that I can use the 401k savings to supplement my fiance's salary if necessary.  My statements however are addressed to both me AND my company.  Just wondering if this will be an issue?

You can use your 401K as long as it is immediately accessible and can be withdrawn in cash at any time (either with or without penalty).

- If you have held at least £62,500 in your 401K for at least 6 months before applying for the visa, you can use only that money to meet the requirement and you won't need to show any of your fiance's income.

- If you have not held at least £62,500, you can make up the difference between your fiance's income and the requirement. In which case you will need at least: £16,000 + (2.5 x the difference between your fiance's base salary and £18,600.

So, say he earns £15,000 per year, you would need at least £16,000 + (2.5 x £3,600) = £25,000 in your 401K.

Thanks for the welcome KSand24 and the quick response! 

The overtime is guaranteed and has been for the last 5 years...so I think he can get that letter pretty easily.  That definitely makes things a lot easier.

The 401k is fully vested and I can withdraw from it at any time.  The amount is more than sufficient go the supplemental income route with my spouse.  I was just wondering if having my company's name on the statement presented a problem.

Welcome! 

The overtime is guaranteed and has been for the last 5 years...so I think he can get that letter pretty easily.  That definitely makes things a lot easier.

The 401k is fully vested and I can withdraw from it at any time.  The amount is more than sufficient go the supplemental income route with my spouse.  I was just wondering if having my company's name on the statement presented a problem.

I don't know about the company name on the statement, but if he can use his overtime to show over £18,600 per year, then you don't need to worry about using your 401K anyway.

Sounds like you have two possible ways of meeting the requirement:

1) Use his income and overtime only, providing:
- 6 months of original payslips showing at least £1,550 or more on each one
- 6 months of original bank statements showing the deposit of every payslip
- letter from his employer confirming his employment and his guaranteed overtime amount each year
- his original job contract
- his latest P60

2) Use his base salary of less than £18,600, but not his overtime, plus your 401K to make up the difference between his base salary and £18,600, providing:
- evidence of your 401K amount, that it is immediately accessible and has been in the account for at least 6 months
AND
- 6 months of original payslips showing his base salary of less than £1,550 per month
- 6 months of original bank statements showing the deposit of every payslip
- letter from his employer confirming his employment and base salary
- his original job contract
- his latest P60

KSand24...thank you so much for your very detailed response.  I think I've got it now.  I mean that is until its actually time to apply for the VISA and I give myself a heart attack!

Roz

Hello all, I'm back.  So...after some thought, I'm thinking that because my 401k statements are in both my company's name AND my name, and investment firm won't give me a letter specifically stating that I am the owner of the account...I'm going to assume that my 401k is not an option.  Better to err on the side of caution.

We still have the option of my fiance's salary (less than 18,600), overtime (exceeding 18,600) and the letter from the employer stating that overtime will continue in the future.  We are waiting for the employer to advise if they will provide said letter.

I have one additional question...my fiance has his own window cleaning business that he files taxes on annually.  If he is unable to obtain the letter from his employer regarding guaranteed overtime, can he combine this window cleaning (self-employment) income with is base salary?  If so, other than tax forms, what additional documentation would he need to provide?

We were trying to keep this as simple as possible so we were not planning to use the window cleaning business at all, but it would be good to know our options if it turns out that we have to.

Thanks in advance.

You really want to avoid self-employment whenever possible!

May could be when processing times start to get really long.  Just to be prepared it could take a couple of months, even with priority.   

You really want to avoid self-employment whenever possible!

May could be when processing times start to get really long.  Just to be prepared it could take a couple of months, even with priority.   

I figured.  Just makes things MORE complicated...right? 

My husbands base income is £16,000 and has worked overtime for the last year and a half. It was no problem using the overtime to make the financial requirements.

Sent from my SM-G920V using Tapatalk

My husbands base income is £16,000 and has worked overtime for the last year and a half. It was no problem using the overtime to make the financial requirements.

Sent from my SM-G920V using Tapatalk

Oh...nice!  That's good to know.  Did he get a letter from his employer stating that he would have continued overtime in the future?

Oh...nice!  That's good to know.  Did he get a letter from his employer stating that he would have continued overtime in the future?

No. We are 2 visas in (fiance and FLR (M)) and neither employer letter even mentions overtime, only his yearly salary. He did address overtime and bonuses in his letter of support and we included a hand written spreadsheet in the additional information section with the math of how we met the requirements. (Cat A supplying 6 months of evidence. )

As always, this is my experience.

Sent from my SM-G920V using Tapatalk

No. We are 2 visas in (fiance and FLR (M)) and neither employer letter even mentions overtime, only his yearly salary. He did address overtime and bonuses in his letter of support and we included a hand written spreadsheet in the additional information section with the math of how we met the requirements. (Cat A supplying 6 months of evidence. )

As always, this is my experience.

Sent from my SM-G920V using Tapatalk

First hand experience is always nice!  Thank you so much for sharing.  It helps to hear alternative methods that work.  At least I am armed with the necessary information to make an informed decision

First hand experience is always nice!  Thank you so much for sharing.  It helps to hear alternative methods that work.  At least I am armed with the necessary information to make an informed decision

The other ladies will point out that isn't the proper way but it worked for us. And the FLR (M) was in person.  Not every application or ECO is the same and sometimes you can only provide what you are given and explain it the best you can. 

For my fiance visa I was fully prepared for a rejection and had a backup plan to reapply with my savings if need be but I didn't need it.

Sent from my SM-G920V using Tapatalk

The other ladies will point out that isn't the proper way but it worked for us. And the FLR (M) was in person.  Not every application or ECO is the same and sometimes you can only provide what you are given and explain it the best you can. 

For my fiance visa I was fully prepared for a rejection and had a backup plan to reapply with my savings if need be but I didn't need it.

Sent from my SM-G920V using Tapatalk

Got it.  We are waiting to see if my fiance's employer will provide the letter referencing continued overtime.  If not, we can at least try your method as opposed to doing nothing at all.  It's not ideal...but it's worth a shot.