val
 - an abbreviation for valuation

valuation
- 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 prospective borrower for the lender's inspection of the property. Normally paid on application.

variable rate
- interest rate that will vary over the term of the loan, normally in line with the general cost of borrowing.