| |
negative equity
- situation which occurs when the amount loaned
against a property is in excess of the market value of the property.
net profit
- the income of a company or self employed business
after making full allowance for the expenses of running the business (and,
in the case of a limited company, corporation tax.) This should be the
amount available to the owners of the business for their own benefit and
consequently is the figure that can be used to calculate their ability to
service a mortgage.
net profit, declining
- where net profit from a business decreases from
one year to the next. Many lenders will not lend in this situation, as in
the future the business may not provide sufficient income to cover the cost
of loan repayments. Capital raising remortgages are especially avoided in
this situation as the borrower may be seeking funds to shore up a failing
business.
new
build
- refers to new properties developed on green field
sites. Can refer to a single property or whole estates.
no
capital raising
- the application is for a loan to replace the
existing loan without increasing the amount owing.
non
contributory pension income
- pension scheme provided by an employer into which
the employee makes no payments.
non
status
- loan granted without making enquiries as to the
borrower's income or credit history.
not
in employment
- unemployed - not in employment or receiving any
regular salary; not self-employed. (Could be receiving state benefits.)
|
N
negative equity
net profit
net profit,
declining
new build
no capital raising
non-contributory
pension income
non status
not in employment
Introduction
|
