F

Failed valuation survey

When the lender turns down your mortgage application after the surveyor’s valuation report indicates the property is not worth the sum sought.

Fixed rate mortgage

A mortgage in which the interest rate is set for an agreed period of time.

Fixtures & fittings

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

Flexible mortgage

An arrangement whereby you can increase or decrease your mortgage repayments.

Flying freehold

A flying freehold occurs when part of a freehold property overhangs part of a different freehold property or land and is usually formed when a property is split into two or more freeholds.

Freehold

Technical word for the ownership of the property, meaning that it belongs to the owner without limitation of time.