Help to Buy is a Government scheme to help people get on – or move up – the property ladder. Under the scheme, the Government or a housing association gives the buyer an equity loan of up to 20% of the cost of a newly built property, meaning they only have to find a 5% deposit to get a 75% mortgage.
With the five-year interest-free period for many Help to Buy homeowners now coming to an end, you may be looking to redeem your equity loan. We can help ensure your final redemption total is fair and reflects current market value.
A Help to Buy valuation will give you a fair and accurate assessment of the current market value of your property. If you’re looking to pay down your Help to Buy equity loan, it will help the provider calculate the redemption figure. A Help to Buy valuation must meet the following criteria:
If you purchased your home through the Help to Buy scheme, there are several reasons why you might need a Help to Buy valuation, including:
If you’re planning to sell your property or redeem your Help to Buy equity loan, a valuation by a RICS-registered surveyor is essential. It will give you an accurate idea of the property’s market value, backed by detailed evidence of how the valuer came up with their estimate. Because RICS is the professional body representing the surveying industry, RICS valuations are the only ones accepted by lenders, Help to Buy and shared ownership schemes.
The RICS surveyor will assess the age, size, location, construction and condition of the property and consider any development or renovation work that has been carried out. They will use this information to evaluate the property compared to similar homes in the same area, to estimate its current market value. Your Help to Buy scheme loan provider will use the report to calculate the loan redemption figure, which must be paid off in full.
GB Home Surveys is an independent, RICS regulated chartered surveyors. We have provided trusted property surveying and valuation services for almost 30 years.
Our Help to Buy valuation service is thorough, convenient and hassle-free. It will provide you with all the information you need to ensure your final equity loan redemption total is fair, accurate and reflects the current value of your property. For a free, no-obligation quote, give our friendly team a call today to discuss your requirements.