Mortgage glossary - N

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Mortgage terms defined on this page:

• Negative Equity
• Net Monthly Payment
• Non-Status Mortgage

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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THINK CAREFULLY BEFORE SECURING ANY DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.