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Mortgage Glossary Letter "N"
A,
B,
C,
D,
E,
F,
G,
H,
I,
J,
K,
L,
M,
N,
O,
P,
Q,
R,
S,
T,
U,
V,
W,
X,
Y,
Z
Click on the letter or the term you wish to have defined. You will them be take to a page with an explanation for what the term means
Negative Equity
This is a situation where the value of your property has declined and it is no longer worth the borrower’s outstanding mortgage debt. It was particularly common in the late 80s and early 90s.
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Net Monthly Payment
This is the amount of the mortgage repayment after MIRAS tax relief has been taken into account.
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Non-Status Mortgage
Some lenders offer these to borrowers with no mortgage history or proof of income. They will normally only cover around 70% of the value of the property. A credit search will usually be carried out.
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