Jargon Reference Guide



 

Failed Valuation Survey


Occurs when the lender turns down a 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 mortgage repayments can be increased or decreased.

Freehold


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