Credit and Mortgage Dictionary: N
Negative Equity
A situation that occurs when the amount loaned against a property is in excess of the market value of the property.
Net Monthly Repayment
Monthly repayment made to the creditor.
Net Profit
The income of a company or self employed business after making full allowance for the expenses of running the business. This should be the […]
Credit and Mortgage Dictionary: O
Obligatory Insurance
Same as conditional insurance.
Office Of Fair Trading (OFT)
It aims to protect consumers by ensuring that trading practices are as fair as possible and by encouraging competition among businesses. It is headed by the director general of fair-trading, and one of its responsibilities is the administration and enforcement of the consumer credit act 1974. […]
Credit and Mortgage Dictionary: P
Part Endowment
A mortgage that is arranged partly on an endowment basis, the balance of the loan most commonly being arranged on a capital and interest basis.
Partnership
More generally, a relationship of two or more entities conducting business for mutual benefit.
Pay Rate
See: initial rate.
Payment Cap
A legal limit on the amount a monthly payment can go up […]