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Ilr Due In 2 Months, Shall I Buy Property In Uk?

ILR or Property Funds required for ILR

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#1 genuflexion

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Posted 13 November 2012 - 02:18 PM

Hi All,

Hope we all are keeping well.

Background: I am on Tier 1 (G) with 3 dependants (incl 2 UK born children) and my ILR is due in 2 months, my question is;

- Shall I buy a property now or wait until I get my ILR? This particular bank is not concerned with my status and since I have been banking with them, offering me good rates. However, I am concerned that if I invest all the funds in property now- I won't have anything left in the bank account. Therefore, this will jeopardise my ILR application.

To counter this;

Could I get family borrowings (one off lumpsum transfer) to show in my account or even take out a small loan/credit transfer to show that I am able to accomodate and maintain myself and dependants?

I know it doesnt say anywhere as to how much one has to show but there must be a guideline in relation to my situation above.

Please make suggestions (much appreciated).

Thanks
Riz Jamal



#2 Victoria

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Posted 13 November 2012 - 02:41 PM

If you are unsure of the maintenence requirements (there are some) then you need to consult a professional. You are the only one who can say if you can afford this.

#3 SkillClear

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Posted 14 November 2012 - 12:26 PM

It would be unusual for a lender to provide a mortgage with such a short visa period left but that is beyond the scope of this topic. You need to accurately assess the situation and perhaps engage professional assistance. I would certainly not take a chance with regard to your visa status - that should be the priority.




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