First Timer

risk

Hi,

New to the community and looking for some help as I'm jumping head first into buying a house due to circumstances which will be explained further in the post. The house is from a relative who is due to have the house repossessed and she's willing to let it go for what she owes on it which is £45,000 less that what it was valued at 3 months ago (long story as to why), but I've got get a letter of offering in this week to stop the repossession (Hope that makes sense?). So the vital information;

House: £80000
Deposit: £8000
Age:23
Employed (Secure as I can be in this current climate, Skilled job)
£30,200 Basic (Overtime, on call, shift allowance, bonus not included £35k+)
Credit history when last checked was over 900 (Credit Card, Phone, Car, Gym)
Out going's £400
Term wanted 30years

Now, the part I'm struggling on is the mortgage, I'm completely lost when it comes to them and I'm not quite sure who's the best and what I should be looking out for, I'm one of the first out of my group of friends to be buying so I haven't been able to get advice there and when I input details in on moneysupermarket I'm not quite sure what to make of the results.

So what I suppose I'm asking is who's the best on the market for me and why? What should I look out for? Who should I avoid?

HSBC have caught my eye so far with low monthly repayments of £340 on a discounted 2 year fee free deal or £377 on a fixed 5years... which was on top of the site, but like I said, I aint really got a clue what I'm looking for, financial advisor's are out of the question because as far as i've been told they only try get you to go with the places they get the best commission from??

Thanks in advance.

ACG

based on everything you have said it shouldnt be too mch of an issue - the only difficulty will be explaining the huge discount - but thats simple enough.

Your income supports the mortgage, your credit report will no doubt fine.

If your after some help maybe speak to a mortgage advisor?
HSBC have the lowest rates but the strictest criteria - they dont deal with advisors unless its an independent advisor who would typically charge you a fee.

Im a whole of market advisor - i recommend based on the best products available to me (not based on the commission amount which usually doesnt vary by a lot from lender to lender) - as a whole of market advisor though i wouldnt have HSBC available to me.

Svenena

You could start by reading this: http://www.moneysavingexpert.com/mortgages/mortgage-guide