Fair market value
The amount or money paid for a property where neither the buyer nor the seller is being forced into the contract. This is typically the agreed sale price and may be different, for example, from a price agreed where one party needs to make a quick sale for any reason.
Feuhold
A Scottish term for a way of owning property. The nearest English/Welsh equivalent is the freehold.
Financial services authority
The Financial Services Authority (FSA) is an independent non-governmental body, given statutory powers by the Financial Services and Markets Act 2000.
First charge
A legal charge normally registered by a mortgage lender over a property whereby the lender receives the first proceeds raised by any sale.
First time buyer
A phrase used for borrowers who are buying a property for the first time. In some cases, lenders will treat someone who owned a property in the past but is currently renting as a First Time Buyer. Lenders often try to attract first time buyers with more attractive as a way of winning business.
Fixed rate
Where the interest rate for a mortgage is set for a given period. Please close the Glossary and enter Mortgages Explained for a more detailed explanation.
Flat above shop
A flat or apartment located above a retail property. This can be viewed by some lenders as being less attractive than one in a purely residential building The lender may not wish to grant a mortgage in such circumstances.
Flexible features
The ability within some mortgages to increase or decrease monthly payments, subject to pre-agreed limits. See Flexible Mortgages by closing the Glossary and entering the Mortgages Explained section.
Foreign currency
Some mortgages can be advanced in currencies other than sterling. They increase the amount of risk involved as both the monthly repayments and the amount of the mortgage become subject to changes in exchange rates.
Freehold (England)
Where land or property is owned indefinitely. This is different from leasehold that gives the owner a right to hold the property only for a limited period of time.
Funds release fee
Some lenders charge a fee for transferring the money they are lending you to your solicitor. Typically this is in the order of £25.
Further advance
A further loan amount that has been issued by the existing lender and included within the first charge on the property. Typically used to consolidate debt or pay for improvements to the property.