Mortgage glossary - V

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Mortgage terms defined on this page:

• Valuation (homebuying)
• Variable Rate Mortgages

Valuation (homebuying)

This is a survey of a property, required by the lender to establish how much money the property is worth. The borrower pays for the valuation to be carried out.
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Variable Rate Mortgages

Taking out a variable rate mortgage means that the rate of interest charged on your loan amount will fluctuate over time. These are the standard way in which mortgages are arranged, but you can opt for a fixed or capped rate instead.
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THINK CAREFULLY BEFORE SECURING ANY DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.