Pay off mortgages or ??

[Salem]

Hi guys,
My situation is ....
I have a house which was my ppr 7 years ago and I am renting it out since last Sept. ... Its value is about €380k with €100k left on mortgage ..
I am now living in a house which I built for €300k and has a value of €650k ...
If I sold my 1st house and with some savings I have I would be able to clear off both mortgages ...
Could anyone give a reason why this might be a good or bad plan ?

 

[gordongekko]

Salem this question seems to be asked almost daily. Use the search facility you should find some useful information there.

gg

 

[ClubMan]

Almost the exact same question here:

Release equity in investment property to pay off principal residance mortgage