Negative Equity
A situation that occurs when the amount loaned against a property is in excess of the market value of the property.
Net
After the deduction of tax. Net monthly repayment Monthly repayment made to the lender.
New for Old
Insurance cover which pays the full cost of replacing damaged or lost property with a similar, new item.
Non Profit Endowment
This type of endowment guarantees repayment of the loan. There are no annual or final bonuses and you generally have no chance of a cash surplus on maturity. Essentially, there is no benefit other than life cover which is eaqual to the value of the mortgage you have ttaken out. This is seen as an inefficient method of saving the money to pay back and is therefore rarely recommended as a method of repaying a mortgage.
Non Status Mortgage
Mainly for people whose income is difficult to assess using the standard method adopted by most conventional mortgage lenders. Bonuses, commission and seasonal work can cause income to vary over time or be difficult to guarantee and this may not be considered acceptable in order to get a loan.
Notice
An official request to vacate a property. A freeholder or landlord may serve you notice on your home for a variety of reasons, including failure to pay rent, breach of lease and in the case of rented property, simply because they want to sell the property.
Notice of Default
A lender's initial action when a mortgage payment is late and attempts to reconcile the issue out of court have failed.