Financial Services Authority (FSA)

The regulatory authority for the UK financial services industry. The FSA has taken over the regulation of mortgages and all lenders and mortgage intermediaries must be directly authorised and regulated by the FSA, or must be an appointed representative of an authorised firm.

Fixed rate mortgage

A mortgage where the interest rate payment is fixed for a specific time. It then normally reverts back to a variable rate.

Fixtures and Fittings

All non-structural items included in the purchase of a property.

Flexible Mortgage

An arrangement enabling the mortgage borrower to overpay, and with the overpayments that have been built up, borrow money back, take payment holidays or pay less in some months.

Freehold

Legal title that gives you absolute ownership of the land your property is on.

Full Structural Survey

A full structural survey looks at all the main features of the property, including walls, roof, foundations, plumbing, joinery, electrical wiring, drains, and garden.

Further Advance

An additional loan to your existing mortgage taken after the main mortgage has completed which is also secured against the property.

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