Glossary

Negative Equity - Occurs when the market value of a property has fallen below the total of the balance of the first Mortgage and the balance of any other loans secured on it. If the property is sold and the proceeds are used to repay the mortgage and loans the borrower will be left with some debt still outstanding.

New Build - A property that has recently been constructed and has not yet been occupied.

No Income Verification - Situation in which a mortgage is taken out without the need for the borrower to prove income. See also Stated Income.

Non Status Mortgage - A Mortgage that does not require the applicant to prove their income through traditional means such a with salary and wage records.