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Mortgage in United Kingdom
GLOSSARY
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Negative equity
When the market value of the property falls to less than the outstanding mortgage.
Net
After tax has been deducted.
Net Profit
A self-employed person or company's income after taxes and running expenses have been deducted.
New-Build
A recently built property that has never previously been occupied or a new properties developed on green field sites. Can refer to a single property or whole estates.
New instruction
This is a new property that has been added to the agent's list.
NHBC scheme (National House-Building Council)
A type of building guarantee available on some newly built homes under which defects occurring within a specified time after construction are remedied.
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. see also "Fees Free."
Nominal Interest Rate
Rate used to calculate interest due. known as a Applied Interest Rate.
Non Contributory Pension
A pension scheme normally funded by an employer and into which an employee does not have to pay.
Non Status (Loan/Mortgage)
A loan granted without making enquiries as to the borrower's income or credit history.
Notice Of Default
A lender's initial contact when you have fallen behind on your credit repayments.
Occupational Pension
A pension scheme run by trustees which and which may be either fully or partially funded by an employer.
Offer (England & Wales)
A presentation of intent to purchase a property, at a price.
Offer Letter
A formal offer of mortgage by a lender stating the terms and conditions under which it agrees to lend to an applicant.
Offer of a loan
See Offer Letter
Ombudsman
Independent professional bodies (www.oea.co.uk ) who investigate complaints on behalf of customers against, for example, estate agents, solicitors and insurance companies. see Financial Ombudsman Service.
Open Market Value
The value of a property on the basis of a willing buyer and willing seller in the open market allowing for a reasonable period for sale. see Fair Market Value.
Other Income
Income that is in addition to basic salary.
Outgoings
This includes existing liabilities and, or your debts, other than an existing mortgage such as hire purchase, personal loans, school fees etc. See Liabilities.
Outstanding(Balance)
The amount of money remaining to be paid.
Overpayments
Increased or additional mortgage payments made by the borrower, in order to pay off your mortgage more quickly and potentially save a lot of time and money. Usually applies to flexi mortgages thus the name 'flexi', but others may impose early redemption penalties for overpayment. also known as Excess Payments.
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