Fibre-to-the-Cabinet (FTTC) is the standard "Fibre" broadband package available from BT and other ISPs, giving speeds of 80Mbps near the cabinet by the trafiic lights to under 20Mbps at points furthest away like Jubilee Drive.
Which rate Zen, Utility Warehouse and Plusnet as the best ISPs, you don't have to use BT.
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.
BT Broadband and other ISPs simply resell 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 50Mbps 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 qualified for the subsidised rollout of Fibre-to-the-Premises (FTTP) by Gigaclear under the Connecting Devon and Somerset (CDS) project.