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First Time Buyer

First Time Buyers (FTB or FTP) - lenders differ in their definition of a First Time Buyer. Some lenders will include in this someone who has owned a property before, but has no property to sell (i.e. may be renting temporarily after selling) and other lenders will include joint borrowers where just one party is a FTB. Other lenders will take a more literal definition and only include someone who has never owned a property before.

Fixed Interest rate

This is what it says. A fixed rate mortgage set for an agreed period of time. If the interest rates went really high then you don't pay a higher interest rate. However you don't pay any less if the interest rates go really low.

Flexible Mortgage

This type of mortgage allows flexibility of repayments. Normally, a borrower will be allowed to overpay, underpay or take a payment holiday. You can sometimes offset savings against the mortgage to help with payments. Certain flexible mortgages will offer daily interest rates so any overpayment will show benefits straight away.

Freehold

A term that means you are the absolute owner of the property that the land sits on. When you have paid your mortgage off in full, you will then hold the freehold to your property.