With variable rate mortgage borrowers pay the standard variable rate and this could fluctuate resulting in higher or lower payments dependant on market conditions. The SVR will normally follow the bank of England base rate up and down but must not be confused with it.
The mortgage lender will always want a valuation of the property before they secure a mortgage against it. However most valuations will only check basics and if you want a more accurate valuation you should consider getting a full report. Although more expensive, this will tell you more about the property if you are set on buying it and help you negotiate on price if there is anything wrong.
Frequently lenders will include an administration fee as part of the valuation fee collected to cover the costs of arranging the valuation, but shop around because a lot of lenders will give you a free valuation with no fees.
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