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Existing Liabilities
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Existing liabilities. This phrase simply refers to all the other financial commitments apart from the existing or proposed mortgage.
Liabilities will include credit cards, bank loans, maintenance payments to ex-spouse and school fees, etc.. Lenders will take these items into account when evaluating the mortgage amount they are prepared to lend.
See also: Moneyextra's Mortgage Centre and Mortgage comparison Service for the latest facts and figures.
Last Updated: June 2007 © Moneyextra.com
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