F

Fixed Rate Mortgage

This is a mortgage that is charged at a fixed rate for a set period. There are often Early Repayment Charges applicable if the loan is repaid within the fixed period.

Flexible Mortgage

As its name suggests, this is a type of mortgage with considerably more flexibility than traditional mortgages. Although specific details may vary between Lenders, the core features of Flexible mortgages are:

• Daily or monthly Capital Rest
• Ability to make Overpayments at any point of the loan term without incurring an Early Repayment Charge

In addition, many Flexible mortgages allow borrowers to:

• Defer payment by taking payment holidays
• Drawback overpayments
• Drawdown furthur advances
• Underpay without penalty (often only to the amount of any previous overpayments)

Freehold

The buyer of a Freehold property owns both the property and the land it stands on indefinitely. See also Leasehold.

Full Status

This term describes borrowers with a good credit history who are not Self-Certifying their income.