Glossary of Terms

We have gathered together on this page, a collection of terms most used in the Mortgage, Financial and Property Services Industries.

If you are searching for the meanings of Mortgage, Financial or Property terms, please click on the initial letter below. A list of terms commencing with that letter will be presented and, hopefully, you will find what you want.

If you cannot find explanations for the terms you require or you believe our description to be inaccurate, please submit your request for an addition or correction. If you have a suggested correction, please make it polite.

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N

Negative Equity
This is where the money you owe on the mortgage is greater than the value of your property. When the value of the property has fallen and is less than the loan secured on it.
New-Build Properties
A property which was first occupied less than six months ago.
NHBC Guarantee
A 10-year guarantee, provided by the National House Building Council, that the builder will put right serious defects on a newly-built property. Zurich Municipal and Premier Guarantee all offer similar guarantees.
Non-Status
This is where a lender may not require income details from you or may accept some previous poor credit history i.e. CCJs or previous mortgage arrears.