Mortgage after debt

reggieroo1980

We got ourselves into a lot of debt through reckless spending, the debt was about 30k but over the last 3 years of living within our means and changing our spending habits we have just managed to pay it off, we have never missed payments and always paid our mortgage for the last 12 years. My question is are we likely to get a decent mortgage or will the fact we had debt go against us? we earn £55k between us and have 70K equity in our current home.
Thanks Reg

[Deleted User]

Do you mean remortgage? Or another mortgage?

If you've cleared the debt, and have a reasonable credit history, there's no reason to think you would have problems in that regard.

If you do mean another mortgage though, that will come down to affordability.

reggieroo1980

Great thanks.
I've posted on the mortgage board now. Yes new house new mortgage.

EssexHebridean

Get onto the MSE Credit Club (free to join) to see what your credit history looks like from the perspective of one of the credit reference agencies - that gives you a snapshot. Having debt doesn't necessarily mean you'll have any problems - particularly if it's now paid off. If you've got any missed payments or defaults though that could be a different matter so that's worth checking on.

Might be worth taking the chance now to sit back and take stock for a while in any event - first off to give yourself a break and some headspace after the debt busting but also so you can get a lump of money saved against your stamp duty and future moving costs - makes sense to save that in advance so you're not eating into your equity when you come to move. You could also see about paying a bit extra off the existing mortgage to get yourself into a better position in terms of LTV as well as that can make a big difference on what deals you can get.