Buy to Let / Mortgage questions

Other

My first post here so bear with me if I'm not up to speed on things :)

I was wondering if I could get some advice on Mortgages.. My current situation is that I own a house, which is let out, but on an extension of my own Mortgage (i.e. not a buy to let), and then I'm currently renting myself.

What I'd like to do is convert my first Mortgage over to a buy to let (at the same time release the money this property has made) and then use this money as a deposit on a second House which I'd then buy on a standard montgage... In time I'd like to keep repeating this until I have a few houses, all on buy to let, and then live in the last one myself.

Can anyone see any problems with doing this? Or are there better methods of going about this? Also I've read that I should convert everything over to interest only while building my portfolio. Can you then switch back over to repayment once you're done and get them all paid off?

Sorry for all the questions, I just thought there must be lots of people who have already done this and I'd be most grateful for any advice you could give me.

Regards,
Simon.