Alexander Hall Mortgages Mortgage jargon buster Mortgage terms beginning with N

Mortgage jargon buster

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Negative Equity

A situation in which the value of a property has fallen to below the level of the loan secured on it.

Net Monthly Payment

The monthly mortgage payment after MIRAS has been deducted but before the addition of any other fees.

Net Profit

Relating to a self-employed person, net profit is income after running expenses and taxes have been deducted.

New Build

A newly built property.

No Capital Raising

Term used to describe a remortgage, which is exactly the same size as the mortgage it replaces.

No Income Verification

Situation in which a mortgage is taken out without the need for the borrower to prove income. See also Stated Income.

No/Low Fee Mortgages

A mortgage in which the usual fees - arrangement charges, booking fees and valuation fees - are either reimbursed to the borrower or paid by the lender.

Non Contributory Pension

A pension scheme normally funded by an employer and into which an employee does not have to pay.

Non Status Mortgage

A mortgage that is offered without the need for the borrower to prove their income.

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