Steph's current residential property is worth £200,000 with a mortgage of £110,000. Although she has no previous experience of being a landlord, Steph plans to let her current property out and is looking to remortgage it with a Buy to Let mortgage. This will enable her to raise some funds towards the deposit for her new flat.
As a first time landlord, Aldermore remortgaged her residential property to a Buy to Let to 75% of the property value (loan amount = £150,000), enabling her to raise a deposit of £40,000 towards the new flat. If Steph doesn't stay in her new job she then has the option to remortgage the Buy to Let mortgage back to a Residential mortgage at a later date so that she can move back into her old flat.