Negative equity
Situation, which occurs when the amount loaned against a property, is in excess of the market value of the property.

Net profit
The income of a company or self employed business after making full allowance for the expenses of running the business (and, in the case of a limited company, corporation tax.) This should be the amount available to the owner(s) of the business for their own benefit. This figure that can be used to calculate their ability to service a mortgage.

Net profit, declining
Where net profit from a business decreases from year to year. Many lenders will not lend in this situation, as in the future the business may not provide sufficient income to cover the cost of loan repayments.

New build
Refers to new properties developed on green field sites. Can refer to a single property or whole estates.

No capital raising
The application is for a loan to replace the existing loan without increasing the amount outstanding.

Non-contributory pension income
Pension scheme provided by an employer into which the employee does not make any payments.

Non-status
A loan granted without making enquiries as to the borrower's income or credit history.

Not in employment
Not in employment or receiving any regular salary not self-employed. (Could be receiving state benefits).