Cash ISA or offset Mortgage?

SirNathaniel

I am looking for alittle advice.

I have a cash ISA paying around 4.75 - 5% with a balance of £10500 and a standard life endowment of £6500

I have an offset mortgage at .49% over base with an associated savings account.

I also have an outstanding balance of £3400 on a credit card

I have been thinking how to maximise my income from my savings and I wondered if anyone had any advice.

I was thinking of closing the ISA, paying off the credit card and paying the remaining £7000 off the mortgage, thus saving 6.24% rather than earning 5%.(this is also my emergency cash fund, so would still be available if needed, and would reduce my mortgage payments while interest rates are rising)

Then I was thinking of closing or selling the endowment, and investing in an index tracker fund through an ISA.

I could then add to this each with the extra I will be saving from my mortgage and endowment payments.

Alternatively, I could stop paying into my endowment and just start up a new index tracker thru an isa.

Any advice would be much appreciated.