Fibre-to-the-Cabinet (FTTC) is the standard broadband package available from your ISP, giving speeds of 80Mbps near the cabinet by the trafiic lights to under 20Mbps at points furthest away like Jubilee Drive. Lower Failand is on the cabinet in Sandy Lane which does not have FTTC available.
Fibre runs from the Long Ashton exchange (first building on the left from Bristol after the Angel Inn), up Providence to the green BT cabinet by the Failand traffic lights. From there to your home standard copper lines are used. Speed depends on line distance from the cabinet and line quality.
Your ISP is simply reselling the BT Wholesale products. Fibre 2 gives you the maximum speed available at your property (up to 80Mbps). Fibre 1 is slightly cheaper and is capped at 50Mbs but that is a moot point if your connection is slower than that.
It is because parts of Failand fall below the 24Mbps definition of "Superfast Broadband" that the area has qualified for the subsidised rollout of Fibre-to-the-Premises (FTTP) by Gigaclear under the Connecting Devon and Somerset (CDS) project.