A situation in which the value of a property has fallen to below the level of the loan secured on it.
The monthly mortgage payment after MIRAS has been deducted but before the addition of any other fees.
Relating to a self-employed person, net profit is income after running expenses and taxes have been deducted.
A newly built property.
Term used to describe a remortgage, which is exactly the same size as the mortgage it replaces.
Situation in which a mortgage is taken out without the need for the borrower to prove income. See also Stated Income.
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.
A pension scheme normally funded by an employer and into which an employee does not have to pay.
A mortgage that is offered without the need for the borrower to prove their income.