We were hoping to have considerable savings left after our self build was finished.  However, OH had a mantra of 'it costs as much to hang a cheap door as an expensive one' and I have expensive taste.  This has meant that our savings will be half of what we hoped.  We only have our work pensions at the moment.  I now feel jittery about the lack of savings ie if one of us needed private medical treatment.  Any ideas ?  I did think a drawdown equity release might be a solution, probably preferable to interest only mortgage.  Ideas and please share your experiences.  One thing for certain, neither of us wants to work again.

The whole pension thing is complicated. But it seems a lot of people particularly when retiring early (i.e before state pension age) base their retirement calculations on just their work pensions.

 

I don't know your ages but eventually you will both get your state pensions as well as your work pensions.

 

Taking that into account how about borrowing on an interest only basis, on the assumption that when you get your state pensions, that extra income above what you have been living on, will then pay off that debt?

 

I would not personally consider equity release.