The Better-Mortgages uk mortgage terminology glossary (N)

As with any industry, the world of mortgages has it's own language and definitions. Use the definitions in this glossary to look up uk mortgage terminology you are not familiar with.

0-9 | 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 

National House Building Council ( NHBC )

The National House Building Council is a builders' federation which provides a defect protection scheme, `Buildmark', on new houses. Membership of NHBC is conditional on the builder maintaining certain minimum standards of construction.

Negative equity

Where the outstanding loan amount exceeds the market value of the property held as security, the borrower has Negative equity 

Negligence 

A tort (or civil wrong) which arises when a person owes a duty of care to another which is subsequently breached with resultant loss or damage is called Negligence. If proven, the usual recompense is an award for damages.

' New for old '

The insurance policy feature ' New for old ' permits the policy holder to claim for lost or damaged goods at their replacement cost, rather than historic cost.

Non est factum

The Latin phrase Non est factum means `This is not my deed' and is a basis of a claim which can be made to deny contract by one seeking to avoid its conditions.

Non-fungibles

Assets which have an individual value and cannot be replaced exactly, such as a work of art are referred to as Non-fungibles.

Tell me more about Better Mortgages