N

Negative Equity
When the value of the mortgage which is outstanding on the property, is more than the market value of the property.

NHBC
National House Building Council. A warranty scheme for new properties providing cover against major structural defects for 10 years.

O

Ombudsman
An independent professional body which is set up by law to help settle individual disputes between consumers and firms, for example, estate agents, solicitors and insurance companies.

P

Planning Permission
The permission granted by the local planning authority (usually the local council) for any new building or engineering operations or change of use of a building if it meets the public's interest.

Premium
The amount you pay regularly, monthly or annually, to an insurer for an insurance policy.

Private Sale
Sale of a property without the use of an estate agent.

Product Fee
There may be a fee involved when you apply for a mortgage. This is to reserve the mortgage and to cover administration costs.

Your home may be repossessed if you do not keep up repayments on your mortgage