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Valuation

This is when the lender makes a simple check of a property carried out in order to find out how much it is really worth and thus whether the bank should lend money to buy the property. The Borrower usually pays the bill, and will usually receive a copy of the report.

Variable rate

This is when the interest rate that you pay on your mortgage goes up and down depending on the lender's standard variable rate, with your interest payments changing accordingly on your mortgage.

Valuation

Variable rate