Merlin Mortgage Management Ltd

A I B I C I D I E I F I G I H I i I J I K I L I M I N I O I P I Q I R I S I T I U I V I W I X I Y I Z

(F)

Fixed Rate Mortgage : This is a mortgage that is charged at a fixed rate for a set period. There are often Early Repayment Charges applicable if the loan is repaid within the fixed period.

Flexible Mortgage : As its name suggests, this is a type of mortgage with considerably more flexibility than traditional mortgages. Although specific details may vary between Lenders, the core features of Flexible mortgages are:

Daily or monthly Capital Rest
Ability to make Overpayments at any point of the loan term without incurring an Early Repayment Charge

In addition, many Flexible mortgages allow borrowers to:

Defer payment by taking payment holidays
Drawback overpayments
Drawdown furthur advances
Underpay without penalty (often only to the amount of any previous overpayments)

Freehold : The buyer of a Freehold property owns both the property and the land it stands on indefinitely. See also Leasehold.

Full Status : This term describes borrowers with a good credit history who are not Self-Certifying their income.