Glossary

Valuation
This is the simplest and cheapest form of report on the property and is used for the lender's purposes. The value of the property will be ascertained and any major defects noted. A report of this kind is not carried out for you, but for the lender. This means that if there is a mistake, you have no legal right against the valuer. You only have the right to take action against a negligent valuation if it is part of a Homebuyer's report or a full survey.

Variable rate
Mortgages where the interest rate is set and continually readjusted by the lender at its own discretion. The rate often increases in line with bank base rates, although there is no direct link. Generally speaking a lender's variable rate will increase sooner after an uplift in the bank base rate than it will decrease after base rates have fallen.