Alexander Hall Mortgages Mortgage jargon buster Mortgage terms beginning with V

Mortgage jargon buster

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Valuation

A simple survey carried out on a property for the benefit of the lender. Because the report is carried out for the lender, if the surveyor makes a mistake you have no legal claim against him.

Valuation Fee

A fee charged to cover the cost of a valuation, typically paid by the borrower.

Value

The price of a property under normal conditions, ie. When the buyer is not forced to buy and the seller not forced to sell.

Variable Rate

A mortgage in which the rate of interest charged is altered at the discretion of the lender, typically but not necessarily in relation to changes in the Bank of England base rate.

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z