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If you have tenants, BTL (rather LTB) is fairly painless.
Mortgage lenders are unlikely to consider the property as collateral, although they will adjust your credit worthiness based on ownership of the property.
What you can do is to remortgage the property at a higher LTV to release cash, and use that cash against any other mortgage - this would need to be tweaked to get the best / cheapest deals based on LTV of each property.
Having the BTL / LTB property on an interest only mortgage is also worth considering.
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You could also consider selling the London property. The legislation around the money side of things is gradually being tweaked to discourage small private landlords.
NotThamesWater
Howard
@scultura
Need some mortgage advice.
Bought a 2 bed in Enfield 4 years ago. Was self employed at the time so my wife and her sister are named on the mortgage as they were both in permanent jobs.
I no longer live in London and rent the property out. Fixed rate is up in October and neither of us currently have permanent jobs as we decided to come back to Ireland while my wife is pregnant.
I am a shared owner on a property in Ireland and have the option of going back to full time employment at circa £30,000 p.a vs £240,000 outstanding on current mortgage.
I need 2 things to happen. Get my wife's sister off the mortgage and also remortgage to a fixed rate in October. Is buy to let an option for me if I have a good rental income? Can the property in Ireland be used as collateral in negotiating a new deal in October?
Any advice appreciated before I start going to brokers.