The Better-Mortgages uk mortgage terminology glossary (V)

As with any industry, the world of mortgages has it's own language. Use the information in this glossary to look up mortgage terminology you are not familiar with.

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Vacation

In mortgage terms, a 'Vacation' releases the borrower from covenants in the mortgage. This occurs when the borrower redeems the loan.

Valuation

An appraisal of the value of a property is called a 'Valuation', and is done by the lender to assess its worth as security for a loan, or by the prospective buyer to act as check on the assessed property value before making an offer. A valuation for mortgage purposes would be carried out by a qualified professional valuer

Valuer

The person appointed to value a property on behalf of a lender is called a 'Valuer'.  Valuers are usually professionally qualified as architects, chartered surveyors or incorporated valuers or auctioneers.

Variable rate mortgage

A mortgage where  the amount of interest you repay increases or decreases in line with the lenders interest rate changes is called a 'Variable rate mortgage'. Your mortgage payments may be more difficult to budget for in times of rapid interest rate rises, but easier to budget for in times when interest rates fall.

Vicarious liability

If an employee of an institution is found to be negligent, the institution can also be liable, and if so, is said to be 'Vicariously liable' for that employee's action. This principle applies to some but not all actions of employees.

Voluntary housing sector

Housing associations, housing societies and other organisations which have the purpose of providing housing for rent or purchase or both are generally called Voluntary housing sector

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