Sometimes we use slightly perplexing words in the property world, so if you're not sure what they mean, check out our jargon-buster.

  • Valuation

    A basic survey for a property to estimate its value, normally for mortgage purposes. Mortgage lenders will insist on this as a minimum requirement before agreeing to lend against a property.

  • Variable Base Rate

    The basic rate of interest charged on a mortgage. This may change with market conditions, so your monthly payments can go up or down.

  • Vendor

    The legal name for a person who is selling a property.