Do you get Interest tax relief on equity withdrawal?

This is one of the most common questions I am asked to clarify regarding property is the tax relief on the interest payments made on equity withdrawn from property.

So I first asked my accountant who gave me this response

I asked: -
It is my understanding that interest on any equity withdrawn via remortgage/further advance from Buy to Let property is NOT tax deductible if it is spent for personal use - eg. holidays/car/clothes etc. I'm led to believe that the interest IS deductible if the withdrawn equity is reinvested in further BTL property.

Here is his answer: -

The statement is basically correct.
As long as the borrowing does not exceed the COST of ALL buy to let properties, then there would be no restriction on loan interest relief for tax purposes. ie. if you secure loans on one property to buy another, no restriction would be made.
This is based on the current taxation rules as they stand and are subject to change. You may wish to add a disclaimer along these lines with your statement.
Below is the steel plate he wanted to have me put when responding to the question, obviously I am no accountant and therefore I expect anyone choosing to take tax advice from me, to then go and have what I say checked out by a proffessional, and it almost goes without saying but as I am stating I am an expert at property I feel I should say this.
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Hopefully that clears this issue up.

Best Wishes

Andy