Repay or not to repay that is the question

crispy1955

I'm sorry if this is in the wrong place.
I need somone elses viewpoint on this.
I have a 5yr fixed rate mortgage which end in 2011 the rate is 4.88 and there is 28k balance and approx £1800 penalty to end early.
I have a cash ISA with £23k paying 3.01% at the moment, and a savings account with £12k paying 3.38%AER, Now im going to be made redundant early part of 2010 and will recieve a lump sum of around £60k after tax plus a pension, I am a higher rate tax payer.
My question is do I use my savings and pay off the mortgage now and bank the ammount I would have payed monthly while im still in work or should I wait untill I get the lump sum. I realise I will lose the cash isa but the way rates are going my sums keep telling me to pay it off.
am I missing somthing.
thankyou.

hopefulfooluk

If I were in your boots, I would pay off the mortgage and bank the cash you would have paid onto it. I know it's probably not the most financially efficient way of doing it, but I would rather have no mortgage and less savings than more savings and a mortgage payment every month.