GLOSSARY - F
FSA |
The Financial Services Authority is responsible for Authorizing and Regulating companies within many business sectors, including the mortgage industry. |
Fixed Rate Mortgage |
The interest rate on a mortgage is fixed at the start of the mortgage for a set period. The rate is often fixed until a set date in the future.
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Freehold |
This is the property owned and the land it is situated on. |
Feuhold
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Same as freehold and is used in Scotland. |
First Time Buyers |
Used for borrowers who are buying an asset for the very first time. Some lenders also consider someone who is currently renting. |
Fixtures |
Household accessories like light fittings and radiators deemed to be the part of the property. |
Flexible Mortgage |
This allows varying the monthly repayment like underpaying, overpaying, or even a payment holiday. |
Flying Freehold |
A freehold property built above the land that is not part of the property freehold. |
Foreign Currency Mortgage |
A mortgage where the loan is drawn down in another currency apart from Sterling. |
Form 53 |
The form on which a mortgagee of registered title admits that the mortgage is paid off. |
Further advance |
An additional loan to the borrower by a lender also called us second mortgage. |