Jargon Buster
Valuation survey
A survey carried out by a surveyor on behalf of the lender (i.e. your bank or building society) to ensure that the property you want to buy is not worth less than the proposed loan.
The cost of the valuation is usually set at a fixed amount and generally has to be paid by the borrower, although some lenders offer to fund the valuation costs themselves.
A valuation survey (or "valuer's report") is separate to a structural survey of a second-hand property.
Variable base rate
A loan interest rate that can change over the term of the loan depending on the rates of the European Central Bank.
This means your monthly repayments can go up or down.