Vacating Fee - Verification of Employment

Vacating Fee

This fee is charged on the release of property title deeds following redemption of a mortgage advance.

Valuation Fee

Whether purchasing or remortgaging the Lender undertakes a valuation of the property to ensure it provides adequate security. The charge is borne by the borrower and increases exponentially with the valuation/purchase price. There are 3 levels of valuation: in order of increasing detail these are Basic, Homebuyers' Report, and Structural survey. The more stringent the valuation, the higher the fee.

Variable Interest Rate

A loan rate that moves up and down based on factors including changes in the rate paid on bank certificates of deposit or Treasury bills.

Variable Rate Mortgages

As you would expect from the name, variable mortgage rates go up and down and generally don't stay at the same level for too long. This is because the interest rate and subsequent level of repayment varies with the lender's interest rate. This is usually derived from Bank of England base rate or some other index. One such index is the banks' base rate - an average of the rates of several leading lenders.

Verification of Deposit

As part of the loan process, a lender will ask a borrower's bank to sign a statement verifying the borrower's account balances and history.

Verification of Employment

As part of the loan process, a lender will ask the borrower's employer for confirmation of the borrower's position and salary.