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Masters and MPhil/MLitt/Mst?

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I am currently enrolled in a Masters degree at McGill University in English literature, but I was hoping to do a degree in England, specifically at Oxbridge, as the programs there best align with my interests and are more in-depth than the Masters program I am currently enrolled in. Does it make sense to apply and potentially have two Masters-level degrees, or more sense to simply go into a PhD? Since you don't know much about me specifically, I am curious just in a more general sense if doing another Masters degree will be seen as a silly circumlocuitous decision or as potentially beneficial? 

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