Online Loan Glossary
V

Valuation: A check of a property in order to find out how much it is worth and whether it is suitable to lend a mortgage on.

Valuation Fee: A fee payable to the lender to check what a property is worth and if it is suitable to lend a mortgage on.

Variable Rate Mortgage: A variable rate mortgage is one in which the amount you repay increases or decreases in line with any interest rate changes. This means that you cannot predict the monthly cost of the borrowing, which could cause financial concerns within the mortgage period.

VAT: This stands for Value Added Tax which is charged on most things that a person buys.