Vacating Fee

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

VAL

Is an abbreviation for the term valuation.

Valuation

When a surveyor values your property.

Valuation Fee

A fee paid by the borrower for the lender's inspection of the property. This is normally paid on application. See fee, arrangement fee, fees added to loan, booking fee, conveyancing fee, land registry fees, IGP, and stamp duty.

Variable Rate

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

Verification Of Employment

Most lenders will contact your employer to confirm you work there and your paid regularly.