Glossary > The Letter V

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The Letter V
Saber Finance know the finance world is full of terms, phrases, buzz words and jargon.

On this page we explain,
Valuation Report > Van Loan > Variable Rate Mortgage > VAT > Vets Bills Insurance > Vehicle Insurance

Valuation Report
A valuation report or valuation survey, as it can also be called, is carried out for the purpose of obtaining or granting a mortgage and is usually prepared on behalf of the mortgage lender. Although the valuation report is referred to as a survey it does not go into nearly as much detail as a home buyers report would.
The mortgage lender will certainly insist on a valuation to ensure that the property is worth the amount being asked for it. The lender will want to ensure that the property will not suddenly decline in value making it a safe investment and to make sure you will later be able to sell it again.
For those who are interested there is a section on property finance and mortgages.

Van Loan
Few of us, when looking for van or truck, can actually afford to purchase the vehicle without borrowing money, and that means considering finance. Money could be especially tight if you are just starting out working for yourself.
If you are buying from a dealer, the chances are that you will be offered a loan to purchase the van. Think very carefully about using these credit facilities. These finance agreements are far more expensive overall than a personal loan would be.
If you are buying the vehicle from an individual or at an auction you will need to have your finance ready prior to purchasing. This will also have the side effect of helping you from getting carried away and bidding far too much.
A loan arranged prior to any purchasing will be far more competitive and cost effective than using a credit card or credit facilities on site.
Need finance to help purchase a new work-horse? Well, you will want to find the best personal loan for your budget.
Use our payment calculator to find a personal loan with suitable repayments, it should save you money and time when buying a van. Or alternatively find lenders using our loan tools.

Variable Rate Mortgage
The variable rate mortgage is the most commonly used mortgage in the UK, but since it is tied to the base rate it is not be the most cost effective mortgage available.
The base rate is set at monthly meetings and is dependant on the markets conditions at that time. This is then the standard interest rate used for most financial products. The mortgage lender will then add their interest rate on the top of this, which is their charge for lending the mortgage loan. The part where the mortgage becomes variable is because the base rate can go up as well as down.
The mortgage lenders standard rate usually will remain the same, but this is dependant on the individual lenders and current market conditions. Your best home buying tactic is not to borrow to your limit but at a level where you could cope with any fluctuations in interest rates.
If you have a variable rate mortgage it could well be worth your while re mortgaging to save on your monthly repayments.
Try the re mortgage best buy table to find a lender offering a better rate than you are currently paying. Alternatively, try our re mortgage page, to find out more.

VAT
Value-added tax or VAT, is a type of tax that is placed on a item or service whenever value is added to its production or at its final sale. The rate of VAT that you pay in the UK, varies depending on what goods or services you are buying.

17.5%. This standard rate is used on most goods and services i.e. cars, computer games, adult clothes and electrical equipment.
5%. This reduced rate is for fuel and power used in the home or by registered charities.
0%. This is known as zero-rated. VAT is not charged on most food, books, newspapers and young children’s clothes.

In the UK a company or individual must register for VAT if their taxable earnings are more than £58,000 in a twelve-month period. Registration means that at every stage of production and distribution VAT must be paid on anything that is sold.

Vets Bills Insurance
The aim of taking out any insurance policy is to compensate you following a loss so that you are as well off as you were before the loss occurred. Vets bills insurance is an insurance that protects your pet and you from any costs that may arise from having to visit the vets.

Individual insurers pet insurance will vary, and the differences between their standard cover could be your deciding factor when searching for pet insurance. Pet insurance as with any other form of insurance has a claim excess, this is the amount of money you have to pay towards the cost of any initial treatment your pet requires. You may even initially have to pay the vets bill and later claim money back from your insurer.
Most insurers offer reductions for online applications. Want to insure your pet?
Try the insurance best buy table and change the search term to pet to find details of pet insurance cover they offer.

Vehicle Insurance
There is simply no escape from vehicle insurance. Whatever the vehicle you drive, it is a legal requirement for all drivers to be covered by vehicle insurance before you can take to the roads.
If you are an old hat at this and are simply looking for a cheaper deal on your insurance, try our car insurance best buy table or the vehicle insurance directory to find insurers.
But, if you are after more information read on.

Vehicle Insurance Policies
Before you go searching for insurers to compare quotes, it is worth knowing, that in regard to vehicle insurance the first party is the insurance policy holder, the second party is the insurer and a third party is anyone else.

There is three main types of vehicle insurance available in the UK,

Third Party Only.
Third Party, Fire and Theft.
Fully Comprehensive.

Third Party Only
This is the bare minimum allowed by law and is very limited in its scope, covering the policyholder only for the cost of damage to a third party’s property or injury to a third party.

Third Party - Fire and Theft
This is basically the same as third party only but with the addition of cover against your car being stolen or catching fire.

Fully Comprehensive
This is the most protective option with cover offering protection against not only third party claims but also first party protection with vehicle and passenger cover in the event of an accident regardless of fault.

Now you know what types of protection are available, it is worth noting that individual insurers policies for vehicle insurance vary according to many factors. These factors include the type of cover you want plus information about you, your vehicle, its contents, its location and what other optional extras you would like including in the policy.

You can help lower your insurance quote if your vehicle is kept in a garage overnight or in a secure compound while you work. Fitting an alarm or security devices such as an immobilizer can dramatically effect quotes also. Where as wanting a courtesy vehicle and quick repair assistance could in fact increase policy costs.

Compare Vehicle Insurance
Before you look to compare vehicle insurance quotes work out what type of policy you want with what extra cover you will require, along with details of the vehicle and any security devices it as fitted and any locations you will be travelling to and from.
We have a best buy car insurance table, with savings for online applications. And a vehicle insurers search directory, listing insurers for you to compare.

If you are in any doubt about any financial product or term we recommend that you seek advice from a financial advisor.

If you're after Finance Information, Saber Finance is here to help.