Is this possible? Mortgage question

[nohopenoharm]

Is it possible to take out a mortgage on a property that I own and rent out and originally purchased without a mortgage? So basically a Buy-to-let mortgage on an already owned property.

I would want to mortgage for approx £150k and the value of the property is approx £600k. Rental income is £2k a month and it has been rented out for past 14 years with minimal gap between tenants.

Just wondering if this is even "a thing" before I approach mortgage advisors. Sorry if I am being clueless.

Yes it's a btl remortgage of an unencumbered property
As long as the capital raise reason is within policy. What are the funds being used for?

Thanks @Jmaho. It would be to pay off the mortgage on family home which is currently on an interest only mortgage. I suppose it might be easier just to try and re-mortgage the family home but my income has decreased since I took it out (12 years ago) so not sure how easy that would be. My plan was to pay it off at some point in the future when I sell the rental property (once children have flown the nest and I no longer need the monthly rental income) but with rising interest rates I don't know what is best.

I'd book in with an financial advisor... probably easier than you think.
Or just start repaying your family home mortgage

Yes, of course you can

Speak to a broker, because some lenders are stricter than others on BTL rental income vs mortgage payment ratios, some insist on using a letting agent etc

You’ll pay a higher % rate on a BTL than a residential mortgage though…

If you need the monthly rental income then you’re putting that at risk if you take out a mortgage on it as a BTL.

I’d stick with your original plan.