Mortgage Glossary Letter "F"

A, B, C, D, E, F, G, H, I, J, K, L, M, N, O, P, Q, R, S, T, U, V, W, X, Y, Z

Click on the letter or the term you wish to have defined. You will them be take to a page with an explanation for what the term means

• Feuhold
• First Time Buyers (FTB or FTP)
• Fixed Rate
• Flexible Schemes
• Flying Freehold
• Foreign Currency Mortgage
• Form 53
• Freehold (England & Wales)
• Further Advance

Feuhold

This is found in Scotland and is similar to freehold.
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First Time Buyers (FTB or FTP)

This generally means someone who is buying property for the first time, but could mean somebody who is getting on the property ladder again after a failed attempt.
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Fixed Rate

A fixed rate mortgage is not necessarily the same principle as a fixed rate loan. The interest rate is normally fixed for a set period of time – perhaps the first few years – but some are fixed for the entire mortgage term. Check which type your lender is offering. This type of mortgage tends to incur early repayment penalties.
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Flexible Schemes

This term can mean a number of things. It can mean that your interest is calculated daily rather than annually, or it can mean that the mortgage can be managed in a flexible way. For instance, borrowers might be able to take repayment breaks or pay off more than their usual monthly bill.
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Flying Freehold

This term describes any part of a freehold property built above land that is not part of the property freehold. For instance, a room built over a common access passageway. Flying freeholds can cause problems in getting a mortgage for a property.
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Foreign Currency Mortgage

This is a mortgage where the loan has been drawn down in another currency rather than in Sterling. This can mean lower interest rates, but the borrower will be exposed to currency risks.
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Form 53

The form on which a mortgagee of registered title acknowledges that the mortgage has been paid off. When you receive this form, and providing you have no other loans secured on it, the property is yours.
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Freehold (England & Wales)

The tenure of a property where ownership of the property and land is held indefinitely. This compares with leasehold property where the property is held for a limited period of time. A freeholder can rent out the property, creating leaseholders.
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Further Advance

This is an additional loan made by the existing mortgage lender and secured by the first charge on the property. The Further Advance can be used for a variety of purposes (subject to the lenders approval) such as home improvement, purchase of freehold or personal purposes, such as debt consolidation.
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