Can I get a buy to let mortgage on a property I own outright?

WINT_2

I own a flat (second home) with no mortgage which I'm about to let. I want to move from my main home and will need to borrow money to do this. My main home is secured under a Virgin One offset mortgage, but I owe very little on it. Am I allowed to get a buy to let mortgage on the flat even though I'm not actually buying it - so that my mortgage interest would gain tax relief - and use the money borrowed to fund my move? The alternative is to take the money from my Virgin One account, not getting tax relief of course but getting the reduction of interest by offsetting my income, which has always worked satisfactorily. I understand it all depends on the figures, but is there a general principle which might help me decide? Would I have to close (pay off) my Virgin One account before getting a mortgage on the flat, if indeed I can get a buy to let on somewhere I'm not buying? Any advice would be welcome.

herbiesjp

Hi WINT

Yes you can get a BTL

You should not have any problems raising the funds from the flat for that purpose