Jargon Buster

Failed Valuation Survey

Sometimes, following a survey, the valuation report may indicate that the property is not worth the sum that is sought. At this point, the mortgage lender may turn down an application by the purchaser.

Fixed Rate Mortgage

With a fixed rate mortgage the interest rate you pay is fixed for a set period from the start of your mortgage. Whatever happens to other interest rates in that time, the fixed rate you pay will not alter during the fixed rate period.

Fixtures and Fittings

Items that are included in the purchase of a property but do not form part of the structure.

Flexible Mortgage

A mortgage where you can make extra payments or regular overpayments to repay your mortgage early and save interest charges or take a payment holiday/underpay when you need a little extra cash.

Freehold

The description of ownership for a property, which means it, belongs to the owner without limitation of time.

Further Advance

This is an extra loan that provides additional funds for home improvements or for other purposes, and is secured against the property.