Glossary - N

Negative Equity
This is when the mortgage amount borrowed against the property is higher than its present valuation.
Net Monthly Repayment
Monthly repayment made to the mortgage lender.
Net Profit
The income of a company or self employed business after making full allowance for its business expenses. This should be the amount available to the owners of the business for their own benefit. It is the figure that can be used to calculate their ability to service a mortgage.
Net Profit Declining
Where the net profit from a business decreases from one year to the next. Many mortgage lenders will not lend in this situation, as in the near future, the business may be unable to provide sufficient income to cover the cost of the loan. Capital raising remortgages are especially avoided in this situation as the borrower may be seeking funds to shore up a failing business.
New Build
This is a new property developed on a new site. Can refer to a single property or whole estates.
Non Status
This is a mortgage granted without making enquiries as to the borrower's income. Not In Employment top Not receiving a regular salary or unemployed.
Notice Of Default
This is a lender's initial contact when you have fallen behind on your mortgage or loan.
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