Mortgage Deals Guide F
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Financial Ombudsman Service
The body that handles complaints about financial firms.
Fixed rate account
These accounts offer a fixed rate of interest over a defined period. This means that the interest paid on the account will not be affected by changes in interest rates for a specified term.
Fixed rate bonds
Fixed rate bonds are savings products where you deposit a lump sum for a specific period. In return you get a fixed rate of interest.
Fixed rate mortgage
If you choose a fixed rate mortgage your monthly repayments will not change for the period of the fixed rate, regardless of the interest rate in the market place. This may be important to you if you have a limited budget as you are protected from rising interest rates. However, if the variable rate falls below the fixed rate level, your repayments will not fall.
Flexible Mortgage
The main feature of a flexible mortgage is the facility to make extra payments when you have extra money. You may also be able to reduce monthly repayments or even take repayment holidays, although you will normally have to build up a reserve through making overpayments before this arrangement is allowed. Such mortgages are usually offered on a daily interest basis. Flexible mortgages usually provide a loan drawdown facility that allows you to borrow extra funds at a set predetermined rate.
Freehold
Freehold means that you own both the building and the land it is on.
FSA
This stands for Financial Services Authority who regulate the UK financial services industry.
Further Advance
This is the process of borrowing additional money against a property.
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Your home may be repossessed if you do not keep up repayments on your mortgage or other debt secured against it. You may have to pay an early repayment charge to your existing lender if you remortgage. The overall cost for comparison is 8.9% APR the actual cost will depend upon your circumstances.
We do not charge for our service. Some buy-to-let and commercial mortgages are not regulated by the financial services authority.
Mortgage Fix Ltd is a no longer a whole-of-market UK Independent Mortgage Broker. Full details of other advisers are available at the FSA web site www.fsa.gov.uk/register.
