Fee

The amount charged by a lender, broker, financial advisor, lawyer or estate agent for providing services.

Financial Adviser

A person who helps individuals with their financial situation.

Financial Ombudsman Service (FOS)

This body provides consumers with an avenue for resolving disputes involving financial services firms.

Financial Services Authority (FSA)

The UK's financial services industry Regulator. Any organisation regulated by the FSA is legally bound to adhere to its rules.

Financial Services Compensation Scheme (FSCS)

Is a free, independent service, set up under the Financial Services and Markets Act 2000. It protects deposits, insurance policies, investments, insurance broking.

First Charge

A legal charge taken over the property offered as security for 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.

First Time Buyer

A person that is purchasing a property for the first time.

Fixed Rate Mortgages

A loan where the initial payments, for a certain period of time, are based on a specific interest rate. The rate payable will not change during the agreed period.

Flexible Mortgages

Flexible mortgages are offered by some lenders and allow you to make overpayments in order to repay the mortgage early or to take a payment break.

Form R85

Inland Revenue form to be completed by non tax payers to ensure interest on their savings is not taxed.

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 years only.

Full Status

A complete check on the borrower's credit history and income.

Full Structural Survey

The most detailed survey type and the most costly because of the extra work involved. It is advisable to consider a full structural survey when you purchase any property.