What is an Income Reasonability check?

gazfocus

As the title really...

Following a valuation on the house we want to buy, Halifax have said the amount we want to borrow is available to us subject to:

1. Colleague to carry out an Income Reasonability check and obtain the latest 3 payslips for me.
2. Colleague to carry out an Income Reasonability check and obtain the latest payslip for my wife.

I've looked online and can't find anywhere an explanation of what an Income Reasonability check is.

kingstreet

Is the income reasonable, given the job title and the period of the mortgage, if it goes past 65.

For example, if your mortgage will go to 70, is it reasonable for your employment to continue until then, or is it considered too physical for you to work past 65.

gazfocus

kingstreet wrote: »

Is the income reasonable, given the job title and the period of the mortgage, if it goes past 65.

For example, if your mortgage will go to 70, is it reasonable for your employment to continue until then, or is it considered too physical for you to work past 65.

Thanks Kingstreet. I guess this is due to my wife being employed by a ltd company that I own 100% of (she's the sole employee).

How do they check this though? I mean, she gets a wage of £18,000 as the office manager which isn't a huge wage really. My wage is £20,500 for a web developer (paid by a completely different and unrelated company) and still a relatively low wage for the job role. We're also both fairly young and the mortgage term will only take me to 55, and my wife 47.