Jargon Buster

At a loss to understand arrears, affidavits or air bricks? Bamboozled by balloon payments and back-to-back escrow? Confused by conveyancing, cash-flow and closing costs?

If so, our Jargon Buster will be just what you need.It's a glossary of terms packed full of property phrases, estate agent slang, financial words and other terms you may come across in your real estate or personal finance activities.

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Jargon Buster: N

Our glossary results: 19 matches!

NAEA

This is an association which looks after estate agents and ensures they sign up to the Estate Agents Code of Practice and schemes such as the Ombudsman Scheme.

National Association of Estate Agents

This is an association which looks after estate agents and ensures they sign up to the Estate Agents Code of Practice and schemes such as the Ombudsman Scheme.

National House Building Association

A governing body for new homes who will issue a 10 year structural guarantee. Their inspectors will ensure that your new home is built properly and is safe.

Negative equity

When the value of your house falls to less than the mortgage you have taken out to buy it. This means that you are unable to repay your mortgage by selling the property and therefore you are unable to move.

Negotiation

The process of offer and counter offer often utilised to agree a price on a property.

Net

After deduction of tax.

New build home

A recently built home with no previous owners.

New for old

Applies to contents insurance and simply means they will replace your old good with equivalent new models in the event of a claim.

Newell

Either the central pillar of a spiral staircase or the two main supporting posts of a handrail found at the top and bottom of a staircase.

NHBC

A governing body for new homes who will issue a 10 year structural guarantee. Their inspectors will ensure that your new home is built properly and is safe.

No claims bonus

As with car insurance your household insurer may give you a discount if you have not made a claim in the previous insurance periods.

Nom earn per share

A company’s earnings per share are reported after including all exceptional and extraordinary credits and charges of a trading and non trading nature. This is then standardised buy accountants to provide a comparable basis for inter-company comparison as it shows underlying trends.

Nondisclosure

If you fail to disclose information to your insurer or provide false or incorrect information, this is termed nondisclosure and may nullify your policy.

Non-profit endowment

This type of endowment guarantees repayment of the loan. There are no annual or final bonuses and you generally have no chance of a cash surplus on maturity. Essentially, there is no benefit other than life cover which is eaqual to the value of the mortgage you have ttaken out. This is seen as an inefficient method of saving the money to pay back and is therefore rarely recommended as a method of repaying a mortgage.

Non-status mortgage

Mainly for people whose income is difficult to assess using the standard method adopted by most conventional mortgage lenders. Bonuses, commission and seasonal work can cause income to vary over time or be difficult to guarantee and this may not be considered acceptable in order to get a loan. The main groups of people that opt for self-certification mortgages are: Self-employed and unsalaried company directors, Contract workers (increasingly common in technology-based industries), Commission-based workers (often in sales, recruitment etc.), People with seasonal earnings. The interest rate you are charged will be higher to compensate the lender for the increased risk.

Non-statutory sick pay

Sick pay over the normal level or for a longer period than required by the law.

Note interest

In Scotland a solicitor notes your interest in a property which means that the seller will not accept any other offer without you having the opportunity to make one yourself .

Notice

An official request to vacate a property. A freeholder or landlord may serve you notice on your home for a variety of reasons, including failure to pay rent, breach of lease and in the case of rented property, simply because they want to sell the property.

Notice of default

A lender's initial action when a mortgage payment is late and attempts to reconcile the issue out of court have failed.
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