Jargon Buster V

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

View Entire Jargon Buster

Valuation Report

Lenders arrange a valuation survey to be carried out on your property; this is to find out the value of the property you require the mortgage on. They will ascertain if the agreed asking price is above or below the value and lend on the lower of the two figures. The report is for the Lenders benefit alone and should not be relied upon as a report of the condition or soundness of the property.

Variable Interest Rate

A variable base rate is a level of interest charged by lenders that depending on current market conditions can go up or down. So your interest rate on your mortgage could be within your budget and then if the market changes the interest rate could increase, which would stretch your finances. The best tactic is not to borrow to your limit but at a level that you can cope with fluctuations in interest rates. Also known as SVR (Standard Variable Rate).