Val
An abbreviation for valuation.

Valuation
An inspection carried out for the benefit of the mortgage lender to ascertain if a property forms good security for a loan.

Whilst the borrower may be given a copy of the valuation this is only a limited form of inspection and should not be relied upon on when deciding whether to purchase a property. Purchasers should be advised to obtain either a House or Flat Buyer's report or a full structural survey before proceeding with a purchase.

Valuation fee
Fee paid by the borrower for the lender's inspection of the property.

Variable rate
Interest rate that will vary over the term of the loan.