mortgage dilemma!

gantymiffy

Hi all. We are unsure which path to take with our mortgage and are seeking expert advice. We have an endownment mortgage for £50,000. Our 5 year fixed rate is up and we need to find a new deal.
We have a few options.
1. To surrender our endownment. We have currently paid 10,000 into it and the surrender value is 17,000. Will there be any penalties to pay from that 17,000 if we get rid! Also we have 10,000 in an isa.
So we could pay 27,000 off our mortgage and have 23,000 as a repayment mortgage.
Is this a wise move in this current climate?
We have had our endownment for 18 years and have 7 years left on it.

Any advice would be greatly appreciated.
Thankyou in anticipation.

dimbo61

You need to give all the details of the endowments for the clever people on here to help!
If you cash in the £10K in ISA,s will you have any savings?

gantymiffy

We are paying £47.68 a month. We have had it since 1993 and got it until 2018. Its a with profits fund, we also have life assurance with it.
My husband has an isa for savings and i will have some money left in it and i will carry on with the isa and save appprox £50 per month

gantymiffy

if anyone has got any sound advice please feel free to comment
thanks