Property for proof of funds (UK)

[Cappuccino]

Sorry if this is repeating questions already asked on here, but I keep reading conflicting reports and wanted to check for sure.

We are in the process of trying to sort our proof of funds for Federal Skilled Worker application. We have approximately £14,000 (around $22,000 CAD at the current exchange rate) equity in property in the UK (e.g the value of our house minus what we owe on the mortgage = £14,000). We have enough funds in the bank to pay off our remaining credit card debt, so that the only debt we would have is our mortgage itself. Since we need settlement funds of just under $14,000 for 2 of us, the $22,000 should amply cover us.

Have read several sources with conflicting information, leading me to belief acceptance of property as proof of funds is down to the individual visa office processing our application. After our initial application goes to Sydney, Nova Scotia I think they send it to London for processing?

Anyone from the UK recently successfully submitted property as proof of funds? We are going to get 3 estate agents valuations and a mortage statement.

One more question about this, we are in a 5 year fixed rate mortage period until 31st July 2011. If we redeem the mortgage before this date, we pay a penalty of around £4,100. However, we are not intending to sell the house and land until after this date, and we have a year from the final medical to Record of Landing.

Will the visa office count this redemption penalty against our funds even if it will not be enforced by the time we actually sell?

I think we might *just* have enough funds even if they do, but just wanted to check.


Thanks for any advice,
Wayne.

 

[Cappuccino]

Nobody can confirm this for sure?

I hear London VISA office definitely accepts property as proof of funds, so I think unless we can find anything to the contrary we are getting 3 estate agent valuations + mortgage statement and supplying these as proof of our funding.

I think as long as our other credit card debts are paid off, this should suffice?

Thanks,
Wayne.

 

[jnathan]

Make an affidavit, write down your statements on that including the debt and paid off stuffs. I did the same when I tried for Canadian visa, I got it then in 2005.

 

[Cappuccino]

Hi - well we have enough money in our bank to cover the amount we owe on credit cards (although this amount isn't enough on its own to cover the required $13,800 for proof of funds). So we figure we pay all credit card debts off,ok then we don't have much money in the bank, but we then have no other debts other than the mortgage.

We're getting 3 estate agents to value our house next week. Should be £140k value, but even if it's as low as £135k, we owe £126k so that = £9,000 equity = $14,171 CAD.

Bit of a question mark on the redemption penalty though, even though we are not intending to sell house/land until after the redemption period is over.

Wayne.

 

[jnathan]

You are single?
if so, CAD $14000+ is fine.
The question is about redemption.

 

[Cappuccino]

Myself and my wife are applying as a family of 2 (my wife is the principal applicant). This means we need $13,900 CAD, which at the current exchange rate is just under £9000.

We might also supply scrap together enough bank funds to cover the redemption penalty simply depends on the valuation of our house. I am assuming if we're given 3 valuations that we take the average of the 3, and subtract the amount we owe on the mortgage. If we also subtract the redemption penalty and still have enough, then I think this is sufficient.

If not then we will try to get enough bank funds together to cover the redemption penalty. Anyway no sense in worrying about it until after we've had our house valuations done next week.

Plan B, if the property thing isn't workable, is for my parents to donate to our immigration cause. I know it says you cannot borrow the money, is there anything to prevent a blood relative giving you money specifically for your immigration needs? I'd assume in this case you need some kind of signed paper stating that the money is a gift and that it does not have to be paid back?

Wayne.