Loan Jargon - a comprehensive reference of loan terminology from i Secured Loans

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, Full List

Negative Equity

The outstanding balance on a mortgage exceeds the current property valuation.

Non-Regulated Loan Agreement

This is a secured loan which is over £25,000 not regulated under the Consumer Credit Act 1974. This type of loan is not be subject to a cooling off period, so the lender can pay it out more quickly. The law is due to change on this subject in April 2008.

Net

The amount available after the deduction of tax. It's important differentiate between your net income and gross income when applying for a loan.

Net Monthly Repayment

The monthly repayment a borrower makes to the lender.

Non-recourse Debt

A debt where the borrower has no personal responsibility e.g. a limited partnership

Notice of Default

This is a lender's initial action when a mortgage payments are late.

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, Full List