Glossary of Terms

We have gathered together on this page, a collection of terms most used in the Mortgage, Financial and Property Services Industries.

If you are searching for the meanings of Mortgage, Financial or Property terms, please click on the initial letter below. A list of terms commencing with that letter will be presented and, hopefully, you will find what you want.

If you cannot find explanations for the terms you require or you believe our description to be inaccurate, please submit your request for an addition or correction. If you have a suggested correction, please make it polite.

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V

Valuation
An inspection of the property to ascertain its acceptability to the lender as security against the mortgage loan, for which the borrower may have to pay.
Valuation Fee
A fee paid by a borrower to cover the cost of the lender checking that the property is suitable security for the mortgage loan.
Variable Rate
The interest rate the lender charges. It goes up and down and your repayments change accordingly.
Vendor
The person selling the property.