Remortgage on a buy to let

VinsterDJ

Hi,

just wondering if I can pick your brains please.
I think I know the answer to this but this has always been an informative and friendly forum for me, it's worth asking ...
I currently own a property worth 140k, I owe £52 on the mortgage which is not tied in.
Am thinking of putting it on a Buy to Let. Can I change it to a BTL and remortgage taking an extra £50k. Would I need to go through affordability and income declaration etc? We're on a pretty low income so would need the rent to afford it all.
My husband and I have another mortgage on a property that needs lots of work doing to it, that's what the £50k would be for.
Is this a pipe dream or a possibility ...?
Thank you.