UK Mortgages, Mortgage Brokers, Advisors, Advice

Fair Market Value - The value of an asset that is being sold on an open market. The fair market value will be the highest price at which a buyer will pay to own the asset.

Financial Services Authority - The regulator of the UK's financial services industry - including most Mortgage products.

First Charge - The lender of a first charge mortgage will be the first in line to receive the proceeds of the sale of the property on which the mortgage is secured in the event the borrower defaults on the loan.

First Mortgage - A mortgage secured on a property whereby the lender holds a first charge against the property should the borrower default on their loan.

First Time Buyer (FTB) - An individual who is buying a property for the first time.

Fixed Rate Mortgage - A Mortgage that has a rate of interest that cannot vary during an agreed period.

Flexible Mortgage - A mortgage that allows the borrower flexible options such as overpayments, underpayments, payment holidays, and drawdowns.

FSA - See Financial Services Authority