Mortgage Glossary
There is a lot of ‘jargon’ used in the mortgage industry.
We have tried to provide you with a comprehensive explanation of all the terminology that you may come across during the mortgage process
Variable Rate
This rate can go down as well as up during the course of your mortgage and is usually based on The Bank of England Base Rate, but can also be based on the lender’s own standard variable rate that they can determine.
Valuation
This is an independent assessment of the value of a property carried out by an approved surveyor and paid for by you the customer. All lenders insist that a valuation is carried out on a property. The valuation is used by the bank or building society to decide how much they are willing to lend you.