Advice on mortgage x

Dayzee73

2 mortgages advice! Please help x
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

holly_hobby

If the rent only just cover the BTL mortgage payments (assuming its on interest only), you won't be able to release any further equity from the let property due to the rental ratio having to be a minimum of 125% of mge payment.

Keep throwing money at your residential mge, where the debt attracts no tax advantages.

Hope this helps

Holly