A few years back my husband and I carried out a large renovation project on our bungalow. We encountered a few problems which resulted in us needing to borrow some money to finish the project. We took some equity out of the property never intending to move again but also knowing if we did the plan could move with us. A few years on and we want to move to a retirement flat but find this type of property is not acceptable to the lenders! You would think as this is the type of loan people take in retirement that this should be made clear when you take the loan out! Not only that it means now that if we want to go ahead with the move we will have to repay the loan, interest and an early repayment charge which is a huge amount of money. The jargon in which a lot of this is written could only be understood by someone with good financial knowledge and despite advice given at the time none of this was made clear to us. Just would like to warn others not to fall into the same trap.
I've got another 'keen'... Ouch!