Remortgage or loan or use all savings for house extension

[User1775]

Hello
DH and I are v financially caution and v unsure of what is best. We want to spend approx £100K on an extension as I have limited mobility and it will massively improve our lives.
I have £90K in an Isa (saved over 20 years), very little pension provision and no mortgage.
Do you think it is better to remortgage or get a loan, or use my savings to fund the extension?
I know there is no right or wrong answer but I am very interested in your opinions.
Many thanks

Savings, don't go into debt.

Watch or listen to The Ramsey Show on podcasts. It's American but the maths apply

thanks I'll take a look @merrywidow
This is also my instinct too re debt/savings I am just concerned that I am leaving myself so depleted for retirement.

@User1775 How far are you and your DH from retirement? Are you eligible for state pension? Perhaps instead of using all of the savings, you could partially fund the extension using mortgage so that you still have some fund for retirement? If you and your DH still can work in the next 15-20 years, 50K mortgage shouldn't be too bad?

If you're doing the extension to accomodate your disability then please read up on this and see if it applies
https://www.scope.org.uk/advice-and-support/disabled-facilities-grant-home-adaptations/?gad_source=1&gclid=CjwKCAiA44OtBhAOEiwAj4gpOV5kcAkySeIY3tPcpeBuRUmOGKcJs8IXkoAvYeYwBk32ynfLmrYF1hoCUocQAvD_BwE

Leaving yourself with out a savings or pension is not a great move if you qualify for a grant 🤔

With no pension provision have you considered other options such as downsizing so that you can keep the £90k for retirement?

Take an offset mortgage borrow the full amount. Then offset your savings. You still have access to your savings but unless you dip into it you technically have a zero balance on your mortgage.

You will pay the mortgage each month (depending on the lender) but you then transfer the surplus out of the offset savings. So your mortgage is say 90k and your savings are 90k. Then you pay the mortgage and your mortgage is 89500 so you take 500 out of your savings and pop into an isa for example.

Basically it’s having your cake and eating it.

get some quotes for the extension first though. I've had quotes for 80k for a porch and adding insulation and a window to an already partially converted garage. 100k goes no where these days.

That sounds like robbery, but i don't know the size of your garage, porch or window - but if average then keep getting quotes...

That quote you got is ridiculous, please don't hire that person! That's really not representative of a decent quote