Carried out by a professional surveyor to establish how much the property is
worth and whether it is suitable to lend a mortgage on. There are 3 types of valuation that can be done, a basic
valuation, homebuyers report or full structural survey.
Value added tax (VAT)
An indirect tax payable by adding it onto the value of most goods and services.
Variable Rate
A rate that can move up or down at any time. Usually linked to changes in the
Bank of England Base Rate.
Vested Rights
General term used to describe benefit rights within an Occupational Pension
Scheme.The term can relate to:
Benefits to which an existing member would be entitled on leaving the
scheme Preserved Benefits for a previous scheme member who no longer contributes to the scheme Pension
entitlements for an existing Pensioner
VISA Card
A card linked to the VISA network worldwide. Payments made using your One
account VISA card are added to your account the following Thursday. You can use your One account to pay for goods and
services or to withdraw cash anywhere in the world you see the VISA sign.
Volatility
The degree by which share prices in a particular stockmarket or sector go up or
down. Usually measured by the movement in a particular index.
Voluntary Scheme
A pension or other benefit scheme in which the members choose the extent and
levels of benefits provided. These are normally schemes in which members pay the contributions or premiums. For
example, a trade union or other affinity group may offer membership of a scheme providing life assurance
cover.
