Glossary

Negative equity
An expression which means that the value of a property has fallen below the level of mortgage loan secured on it.

Net monthly payment
The actual payment a borrower makes to a lender each month, excluding any additional fees and costs. Up until April 2000 this was after an adjustment for MIRAS but this has now ceased.

New build
A newly built property. This is different from a flat that has just been converted from a former house.

Non-status / no income verification
Where a mortgage is taken out without the need for the borrower to prove income.