Sell endowment or increase mortgage?

op

Lurker coming up for air

We have been refurbishing a house for a year and in the meantime have let our old house and have been living with my parents. We are further from the finishing line than our finances think we are

We reckon we have 3 options.

1. Realise endowment policy on old house (paid £11.5K, realise value £8.2K) 11 years left to run on policy.

2. Take pre-arranged motgage top up on 1st (let) house which will be £15K. (How much more would that cost us a month on average?)

3. Bump up the mortgage on the new (and it will be by the time we are finished) house by £15K. Present mort £150K, present value £250K (we have earned a lot of that difference by doing SHEDLOADS of work [it had no kitchen or bathroom etc], but price was set Jan 2003). We are about to change mortgage so now would be the time to do it.

I will be talking to my morgage adviser, but fancied a few other opinions. As I put all this down on paper(!) the realising endowment option does not look attractive, but those are our options as we see them.

Thanks for any help,

OP