Valuation: Basic survey carried out by a surveyor to establish the value of a property.
Valuation Fee: A fee paid by the borrower for the lender’s inspection of the property. This is normally paid on application. The lender needs to establish that the property is worth the money it is lending out. The lender pays a surveyor to conduct a valuation, and covers its costs by charging the borrower a fee. The size of the fee will depend on the price of the property.
Variable Rate Mortgages: With a variable rate mortgage, the interest rate paid can vary, moving up and down over time. Every mortgage lender has a standard variable rate (SVR) that is loosely based on the Bank Rate; the benchmark interest rate set by the Bank of England. lenders set their SVR’s, usually 1% to 2% above the Bank Rate.