RICS Help to Buy Valuations
Whether you’re selling your home, remortgaging or repaying your Help to Buy loan, GB Home Surveys can provide a market valuation from a RICS registered surveyor.
What is Help to Buy
Help to Buy was introduced by the Government in 2013 with many people taking advantage of the scheme to get a foot on the first step of the property ladder.
It’s a shared equity scheme where first-time buyers can borrow up to 20% of the cost of a new build house (40% if you live in London).
Contact us for a bespoke quotation
All our RICS-registered surveyors and valuers use the latest technology to provide a quick and efficient service and give you detailed insight about the property in question. If you’re ready to buy or sell, we’ll make the process of as seamless as possible. We have vast knowledge and expertise of the local property market, so you can be sure you’re getting the best advice possible, to help you proceed with confidence.
Repaying your Help to Buy loan
If you bought a home using the Help to Buy scheme, your loan is interest free for 5 years. The full loan must be repaid after 25 years.
Alternatively, you can choose to repay the loan sooner, remortgage or pay it off when you sell your property.
When the time comes to sell, the amount you must pay back will be calculated based on the current market value of your home. Not the original purchase price.
Help to Buy Valuations
To find out your property’s current market value, you are required to get an independent Help to Buy valuation from a RICS registered valuer. This valuation will be used to determine the amount you must repay.
If the value of your property has decreased, then the amount you must repay will be less than you originally borrowed. However, if the value of your house has increased, so will the amount you must repay.
When you have obtained a Help to Buy valuation from a RICS registered valuer, you must send it to your loan provider who will tell you how much you need to repay.
It is important to note that your Help to Buy valuation will only be valid for 3 months. Therefore, it is vital that you plan your timings carefully as, if you get your valuation report too soon, it may not be valid by the time the sale, remortgage on your property is completed.
This is also important to bear in mind if you are remortgaging as this process can take some time.
Why choose GB Home Surveys?
Our RICS valuations deliver more than numbers – they provide the foundation for your home sale or purchase. Our experienced, RICS-registered valuers blend expertise with insight to determine accurate market value, arming you with the knowledge to negotiate and proceed with confidence. We believe empowerment comes through understanding.
We don’t just see value; we unlock it. Take the first step by contacting our friendly team today.
