Mortgage Terms F

 

It is provided for information only.

A to Z of mortgage terms

F
Final reminder

A letter requesting payment and sent to a customer who is in arrears before legal proceedings start.

Finance
A different terms for mortgage , money or loan

First mortgage payment
This is higher than the normal monthly payments, because the lender doesn’t collect it until after the loan starts. So, as well as the normal monthly amount, the first payment will include an interest payment for the rest of the month in which the loan began.

Freehold
Outright ownership of the property and the land on which it stands.

Further advance
An additional loan by the lender to the borrower, which may be for any purpose and secured by the existing mortgage deed.