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guide | Mortgage glossary
- an abbreviation for valuation
- inspection carried out for the benefit of the mortgage lender
to ascertain if a property forms good security for a loan.
Whilst the borrower may be given a copy of the valuation this is
only a limited form of inspection and should not be relied upon
on when deciding whether to purchase a property. Purchasers should
be advised to obtain either a House or Flat Buyer's
report or a full structural survey before
proceeding with a purchase.
- fee paid by the prospective borrower for the lender's inspection
of the property. Normally paid on application.
- interest rate that will vary over the term of the loan, normally
in line with the general cost of borrowing.
Courtesy of UKMortgageangels.co.uk