Glossary - F
- Fee
- An amount charged by a lender or broker for arranging a property purchase or mortgage. See arrangement fee, booking fee and Conveyancing fee.
- Fees Added To Loan
- Additional costs that are associated with arranging a mortgage and are incorporated into the loan you borrow, they may include mortgage indemnity guarantee premiums and arrangement fees. The fees charged vary with each lender.
- Feuhold
- This is the Scottish equivalent of a freehold.
- Financial Adviser
- A person who gives financial advise.
- Financial Services Authority (FSA)
- Financial Services Authority (FSA) is responsible for regulating the activities of lenders and intermediaries who will follow new statutory rules published by the FSA in relation to selling and promoting first mortgages secured on the borrower's home.
- First Charge
- A legal charge to secure the main mortgage. A lender with a first legal charge has first call on the amount when the property is sold.
- First Time Buyer
- A person who is buying a property for the first time. Lenders often offer incentives for these people to help with initial costs e.g. free valuation or a small cash sum to help with legal costs.
- Fixed Rate Loans
- A fixed rate of interest for a set time frame. Fixed Rates top A loan which has a set period of interest to pay for a set time. Advantageous if rates are going up but care must be taken to get a competitive rate especially if interest rates are falling. Normally a fee is charged by the lender for setting up this scheme.
- Fixtures And Fittings
- There may be parts of the house that you want included in the sale like carpets door handles light fittings etc. Flat Over Shop top Residential property situated above retail premises. Some lenders will not lend on this type of property as the appeal for reselling can be less than for a similar property elsewhere. There is more risk lending on a flat above a takeaway for instance than one above a hairdressers.
- Flexi
- With this scheme you can make overpayments to reduce the mortgage term significantly. Shorter term for flexible.
- Forbearance
- The action a lender may take to delay foreclosure or legal issues with a delinquent borrower.
- Foreclosure
- The legal process when a borrower defaults on a mortgage.
- Foreign Currency Mortgage
- You can now get a mortgage for a property in the UK with money denominated in a foreign currency. It sometimes gives you the opportunity to borrow at a lower interest rate than in this country.
- Forfeiture
- This is when a delinquent borrower surrenders their property rights.
- Freehold
- Property or land which is owned outright.
- FSA
- Financial Services Authority. FTB top FTB see first time buyer. Full Status top A mortgage or loan where complete checks are made on the credit history and the income of the borrower.
- Full Structural Survey
- A very important comprehensive survey that will tell you if there is any problem or faults with the property you are buying.
The Mortgage Shop is a trading style of Mortgage Shop No1 Limited which is an appointed representative of Personal Touch Financial Services Limited which is authorised and regulated by the Financial Services Authority. The Mortgage Shop is entered on the FSA register (http://fsa.gov.uk) under reference 425677. Buy to let mortgages may not be regulated by the FSA & personal loans are not regulated by the FSA. The guidance and/or advice within this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
There will be a fee for mortgage advice of £299. Telephone calls may be recorded for training purposes.
