Should I wait for my endowment to mature or use it with a new mortgage?

leejenson

Hi, I have some equity from an old house sale. I also have an endowment I kept running which matures in 5 years. It's £20,000 under target but that's my fault for not claiming inside the window.


So, I am now wondering the best way to use it, it will mature at about £30,000. I have been chewing on a couple of options...


1. Just pay off some of the mortgage when it matures and don't connect it to the mortgage.


2. As part of my new mortgage have £30,000 interest only to incorporate my endowment.


My main objective with my new mortgage is to lower my monthly outgoing.


A rough target price for my new place will be £180,000 - £200,000. My deposit it £60,000.


So I was wondering if this community could help me with the pros and cons.


Thanks


Lee