Fee
An amount charged by a lender, or other intermediary/broker for arranging property purchase or a mortgage.

Feuhold
An equivalent to freehold under Scottish law.

First charge
The normal legal charge used to secure the main mortgage. A lender with a first legal charge over a property has a first call on any funds available from the sale of the property if still owed.

First time buyer
A person wishing to purchase a property for the first time. Some lenders may offer preferential lending terms to first time buyers i.e. free legal fees, valuation and rates.

Fixed rates
A mortgage product where the initial payments are based on a certain interest rate for a stated period. This rate will not change during that period regardless of changes in the lender's standard variable rate. This enables you to budget by knowing your exact mortgage payment from month to month.

Flexi
Abbreviation for flexible. A flexible mortgage allows you to make overpayments whenever you want in order to repay the mortgage early or save for a special event.

Freehold
Land or property which is owned outright, as opposed to leasehold where the owner has the right to occupy the land or property for a given period of time.

Freehold flat
A flat, on which is built on it’s own freehold. Properties such as these are quite often difficult to get a mortgage on because, if they do not benefit from some sort of legal contract from the owner of any supporting or adjacent property, major difficulties can be experienced in the event of anything affecting them structurally (e.g. subsidence.) This should not be confused with a situation when one or more leaseholders in a block of flats acquire the freehold interest in the property and it is sold with the benefit of a share in the freehold. In this situation the individual leases on the flats should still be left in place in order to provide the necessary legal agreements, however the leaseholders may grant themselves extensions on the lease if they desire.

FTB
A person wishing to purchase a property for the first time. Some lenders may offer preferential lending terms to first time buyers i.e. free legal fees, valuation and rates.

Full status
A loan for an employed person where the last 3 months pay slips and last P60 are normally required and for a self employed person the last 3 years accounts. Complete checks are made on the borrower's credit history and income and often 3 – 6 months bank statements are required as well.