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@Greenbank
OK, so that'd be an £800 a month saving. To cover the £27500 stamp duty hit you'd need to stay there for about 3 years. Probably a few more months to cover the conveyancing costs and buildings insurance costs that you wouldn't pay if renting. From that point on that £800/month goes into buying equity in the property to give you more of a return upon eventual sale.
Getting a £750k interest-only loan is just a teensy bit tricky though. Min 10% deposit (more like 25% for the better rates with lower LTV) and 4 times combined salary means you'd need to be on a good whack (combined £140k with a 25% deposit). This is why the BTL and renting markets exist. You're also fucked if the rates jump up. It's all just a big gamble.