Jargon-Buster

Sometimes we use slightly perplexing words in the property world, so if you're not sure what they mean, check out our 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 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 of 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.