Mortgages Basic : Vocabulary and Glossary of MortgagesTerms (F)

Good day for you my friends, on this time I will take you to the F categories about Mortgages Basic : Vocabulary, Glossary and Terms, So we start from,
First Time Buyers (FTB or FTP)
A first time buyer is one who has never owned property before. Maybe called a newbie

Fixed Rate
A fixed rate is when you pay a fixed amount of interest on a loan for a fixed period of time. Lenders provide fixed rate loans for short periods of time (three-six months) all the way up to 25 years. Early redemption penalties apply if you pay off the mortgage before the end of the fixed rate term.

Flexible Scheme
A flexible scheme is a new way of calculating mortgage interest charges. Lenders calculate interest on a daily basis instead of on an annual basis. The new interest rates will only affect the remaining balance of the mortgage. By making regular overpayments, you can repay the loan faster thereby saving a lot on interest charges.
Fixture
A fixture is an item attached to your property, and therefore it is legally part of the property.
Freehold
Freehold means that you have ownership of a property for an indefinite period of time. This is in contrast to leasehold which means that the property is only under your control for a limited period of time.
Further Advance
A further advance is an add-on loan to your existing mortgage from your existing lender. The money from a further advance may be used for home improvements, to purchase a freehold property, or for personal purposes such as debt consolidation.
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