Numeracy Intermediate 2

Part 3:

Applications in Social Arithmetic

3.1 Buying a House

Before you can get a loan to buy a house the building society or bank from whom you want the loan will send along an inspector to value the property. The fee for such a valuation often depends on the value of the property.

For example, the fees may be set out as follows:

Valuation	Fee
Up to £50,000 Over £50,000	Flat Fee of £42 + VAT £ 42 plus £1 for every £1,000 or part of £1,000 in excess of £50,000 + Vat