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Abacus-money Jargon

F

Fee Free/Low Fee Mortgages

Mortgages whereby the provider charges little or no fee for the mortgage product. This may include free valuations, free legal work and no arrangement fees charged. These mortgages are not always the best way to proceed due to higher rates of interest generally charged by the provider to compensate for the lack of fees.

Feuhold

A term used in Scotland to refer to the ownership of both a property and the land on which it is built. The closest equivalent in England and Wales is Freehold.

Financial Services Authority (FSA)

The UK regulatory body for Finance.

First Charge

Most mortgage lenders who lend money to enable someone to buy their home would require a first charge. This means the lender has first call on any funds available from the sale of the property to clear the outstanding mortgage debt.

First Time Buyer

A purchaser who is buying a property for the first time. Typically a lender will offer more attractive deals for first time buyers. Also known as First Time Purchaser (FTP).

Fixed Rate

The interest rate is set for an agreed period of time.

Flexible Mortgages

A relatively new breed of mortgage types that will allow flexibility of repayments. Typically, a borrower will be allowed to overpay, underpay, take payment holidays, and in some cases link their current, savings and deposit accounts to the mortgage account, so that the positive balances offset the negative balances. Some lenders will also include daily interest calculations so that any overpayments have an immediate effect on the interest charged.

Freehold

A form of legal title to land which means you are the absolute owner of the property and the land it's on.

Further Advance

When you borrow extra funds against the value of your home. The loan is added to your main mortgage and your payments recalculated.