Just after a heads up here before I go see an advisor.

We own our property outright, it's in a highly rentable area but actual sales are at a virtual standstill without taking a real kick in the coconuts.

a guy at the gym suggested getting a "let to buy" mortgage to free up equity from the property we own, then use that on the place we want to buy, does this sound right?

Are there any decent forums or websites anyone can suggest regarding this?

Cheers

Not aware of any forums or specific websites, but i can give you a bit of info.

You can remortgage your current property onto a buy-to-let deal, normally maxing out at 75% of the property value, and subject to the achievable rental income being 125% of the mortgage payments (normally based on a 5 or 6% payrate - depending on lender).

The extra money raised can then be used as a deposit for the new property. You then need to find a lender who is happy for you to retain your existing property, as some don't like it - the same information will normally be required (loan, payments, rental income) and then they will ignore the existing mortgage.

Hope this helps

Cheers guys, I think it is a possibility, just need to work out how exactly to crunch the numbers!

I did exactly this a few years ago - I worked back from a pessimistic rental valuation from an agent, took 125% of this number, and worked out how much this came to at a worst case interest rate. Assuming the amount this gives you is less than 75% of the valuation of the existing property, it's the maximum you can take out of your current property.
I found the process very quick - I think I completed on the buy to let in less than 4 weeks, and had no problems with securing another mortgage on the new house. Times may have changed a bit, but it used to be very easy!!

I've considered this, but Mrs P reckons it would be impossible due to banks being unwilling to allow us to take the equity out of our current house, go to interest only on a buy to let mortgage with very low LTV, and put the equity as a 30%+ deposit on a new house.

Does this happen any more - are there specific conditions this can happen (I expect its big deposits and retaining high LTV in the original property)? I would like to move to a different part of the country for work and a bit of a lifestyle change, but would like to keep our current house as a rental.