Variable Rate Mortgage
A Variable rate or Standard Variable Rate mortgage is where the interest rate moves up and down roughly in line with the changes in the Bank of England's base rate, although some lenders will adjust their rates faster than others. The benefit of a variable rate mortgage is that there will be no early repayment charge and you will have maximum flexibility. However you may pay a higher rate than on some other mortgages and you will be subject to market fluctuations.

Valuation
The basic assessment that is carried out on a property to assess its suitability for security for the lender.

Vendor
The term used for the seller of a property.

Page 1 of 3