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Home Loan Glossary
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F.
Factor Valuation.
A method of valuing a property through paper indexes (tables that give the percentage of rise in
value for certain areas since different years) rather than a surveyor visiting the property. It is
done by using the purchase price of your property, this price is multipied by a percentage rise
suggested for the year you purchased.
Fee Simple.
A common form of land ownership which is registered at land registry. It is the purest and most secure
type of ownership and denotes permanant ownership that can legally be passed on to heirs. It is also referred to
as "freehold"
Feudal Estate.
The main type of land tenure in Scotland.
Financial Adviser.
A person who can advise you on your finances. Independant Financial Advisers can usually search the
market place for products that best suit you, it saves you doing the legwork, but it will cost you money
as the adviser will usually charge you a fee for their service.
First Mortgage.
A mortgage that takes priority over any subsequent secured lending if the borrower goes into default
and their assets have to be sold to pay creditors.
Flexible Mortgage.
A mortgage where the lender arranges a credit line which grants the home owner the opportunity of borrowing against
the built up equity in the property. These mortgages can also sometimes offset any savings or other borrowing against
the mortgage, all under the one mortgage rate.
Freehold.
A common form of land ownership which is registered at land registry. It is the purest and most secure
type of ownership and denotes permanant ownership that can legally be passed on to heirs. It is also referred to
as "fee simple"
Fringe Benefits.
Benefits to employees additional to salary. Typical examples would be company cars, expense accounts and
private medical insurance.
Full Structural Survey.
An extensive survey of a property.
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