BTL property and my home

[belowdeck]

Hi all,

By way of introduction, I'm a long time lurker however, first time poster. I know there is a fountain of knowledge on here so please be gentle and thanks in advance.

I own a BTL property I purchased back in 2006 for approx £114k. It generates approx £600 PCM and is owned with a interest only mortgage costing £150 per month with a balance of £60k.

I also own my own residential home which is probably worth approx £160k and I owe a balance of £11k after clearing most of the balance earlier in the year.

My question is was this a bad move, should I have cleared the mortgage on the BTL property first before my residential mortgage? If so, would it be wise to borrow an additional £60k on my home mortgage and clear the BTL interest only mortgage as this is without doubt the higher interest loan?

I'm not sure if relevant, but I'm looking to develope my home and will need to find approx £60k. Some of this will come from savings and the rest from a lender (which has provoked this thread).

Any advice appreciated

[Sarnie]

Sounds straight forward to me, dependent on your income..........

[belowdeck]

Sarnie said:

Sounds straight forward to me, dependent on your income..........

Thanks Sarnie, just as I thought.

Only issue now after checking the paperwork, I have early repayment charges with BTL lender so will have to wait to end of term to avoid which is a couple of years away. I may just have to make the over payments each year to bring balance down.