Jargon Buster
Financial adviser
Recommend products and services that help individuals
plan their income and expenditure. There are two types:
Independent work on behalf of the client and can choose
from any product or service; Tied advisors work on behalf
of their company to recommend their products only.
First charge
If your property is collateral for more than one property
and the borrower defaults on payments, the lender with
a first charge has the option to repossess the home.
First mortgage
The original loan taken out to purchase a home.
Fixed rate loans
Fixed rate loans guarantee a specific rate of interest
for a set length of time.
Forbearance
A course of action a lender may pursue to delay foreclosure
or legal action against a delinquent borrower.
Foreclosure
The legal process that occurs when a buyer defaults
on a loan. The lending institution takes back the property
because of a lack of payments.
Forfeiture
The relinquishing of property rights by a delinquent borrower.
Fraudulent
Involving criminal deception or dishonesty.
