mortgage offer is it any good? or is there better out there?

fishingcinema

Hi all

After some advice as to if this is a good mortgage offer please as will be honest i have no idea if it is or not, i have been looking at various different mortgages.

Need a £38,500 best deal have found so far is 20yr payback at £250pm

The mortgage financial adviser has found is:

Amount of loan required £116,250.00 plus £1999.00 for fees that will be added to the mortgage. paperwork states the fee is arrangement fee.

Other fees include on paperwork are:
Valuation fee (upfront): £167
Remittance fee (on completion): £30
Valuation Admin fee (upfront) £75
Lender conveyancing fee payable to solicitor (on completion) £117.50

Mortgage product: Buy to let 2 year tracker 75%

Interest rate type and interest: A variable rate which is 3.39% above the National Westminster bank base rate, currently 0.5% until 31/03/2014, to give current rate payable of 3.89%
National Westminster home loans limited's variable rate, currently 4.5% thereafter
During the tracker period any changes in the National Westminster bank base rate will be applied with effect from the first day of the following month.

Restrictions on this mortgage: All new first time buyer applications must be submitted on a capital and interest repayment basis only.

Overall cost of this mortgage:
Total amount you pay back, including the amount borrowed is £195,720.66
This means you pay back , £1.66 for every £1 borrowed
The overall cost for comparison is 4.7% APR

What you will need to pay each month:
26 payments at variable rate, currently 3.89% £617pm
Followed by 274 payments at a variable rate, currently 4.50% £654.43

First looked into interest only payment mortgage with northern rock with an arrangement fee of near on 5k but decided a repayment mortgage would be better in the long run, it is going to be very costly as also need the 38k down payment on a loan too,
do not know and awful lot regarding mortgages but learning as fast as can.

I thought i would post all the details on my ever trusty mse forums and try and get some advice from people that are doing or have done this kind of thing before, so would really appreciate anybody's help or comments on if they think this is a good mortgage offer or if there is anything better available as to be completely honest i am lost by the whole process.

I think i have covered it all if not i can ask more details.
And a big thank you to anyone that takes the time to read through this post and or offer any advice, guidance. :0)