2 mortgages advice! Please help x

Dayzee73

The house I live in currently has 20k left to pay off - I am overpaying by the maximum £500 month (hard but long term gain!) and will have paid it off in 2.5 years . My mortgage fixed rate (6%) due to expire in June.I have another house that I rent out and have 80k to pay on that - but the rent fully covers the mortgage (only just!) that mortgage was fixed at a similar rate but recently expired so I have automatically gone on to their usual rate - which is cheaper (£50 month)
My question is should i borrow against my other house to pay this one off? The rate is cheaper on the other mortgage (but I can change this one soon) and I will have an early repayment fee (this is an outrageous concept I think!) but is it better that I put an extra £20 k on the other mortgage and be mortgage free here (and £800 a month richer!) or should I carry on with the original plan? Having the £800 month extra means I could over pay a bit on the other mortgage?
Is it better to have one mortgage than 2?
Thank u lovely people xxx

fluffysox

Dayzee73 wrote: »

The house I live in currently has 20k left to pay off - I am overpaying by the maximum £500 month (hard but long term gain!) and will have paid it off in 2.5 years . My mortgage fixed rate (6%) due to expire in June.I have another house that I rent out and have 80k to pay on that - but the rent fully covers the mortgage (only just!) that mortgage was fixed at a similar rate but recently expired so I have automatically gone on to their usual rate - which is cheaper (£50 month)
My question is should i borrow against my other house to pay this one off? The rate is cheaper on the other mortgage (but I can change this one soon) and I will have an early repayment fee (this is an outrageous concept I think!) but is it better that I put an extra £20 k on the other mortgage and be mortgage free here (and £800 a month richer!) or should I carry on with the original plan? Having the £800 month extra means I could over pay a bit on the other mortgage?
Is it better to have one mortgage than 2?
Thank u lovely people xxx

I'm not an expert on this but I'm sure I've read on here in the past that its better to pay off mortgage on your home rather than a house you rent out because you are only expected to pay tax on the net earnings (rent minus interest) so many choose only to pay the interest on the house they let out and pay off the mortgage their home first.
If your home has a mortgage with a higher interest rate what you are suggesting seems a good idea.
Are you allowed to pay off entire mortgage without any redemption charge?