Fixed interest rate

The interest rate on a product can be fixed for a stated period of time. During this time, the rate will not change, regardless of changes to other interest rates, such as the Bank of England base rate. In the case of a mortgage at the end of the fixed rate period, the interest rate will usually revert to our standard variable rate.

Freehold

If you own a property freehold, you own both it and the land on which it stands. Compare with leasehold.

Further advance

See additional borrowing.