Help to Buy Valuations

What is Help to Buy?

Introduced by the UK Government in 2013, Help to Buy is a shared equity scheme designed to help first-time buyers get onto the property ladder. Through the scheme, you can borrow:

• Up to 20% of the cost of a new-build home

• Up to 40%  of cost if you live in London.

This loan is interest-free for the first five years, but after that, interest is charged. The loan must be repaid after 25 years, or you can repay it sooner through remortgaging or when you sell your property.

 

Repaying Your Help to Buy Loan:

When it's time to sell, the amount you must repay depends on the current market value of your property — not the original purchase price.

• If the value has decreased, your repayment amount will be lower than what you borrowed.

• If the value has increased, the amount you repay will be higher.

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Why Do You Need a Help to Buy Valuation?

To determine the repayment amount, you are required to get an independent Help to Buy valuation from a RICS-registered surveyor. This valuation will be used by Target (the company managing the Help to Buy loan) to calculate how much you owe.

I AM Surveyors has experience with the specific report templates required for Help to Buy valuations, ensuring your report meets the necessary standards and is accepted by Target.

Important Things to Remember:

• Valuation Validity: Your Help to Buy valuation is only valid for 3 months. Make sure to time your valuation carefully so it is still valid when you complete your property sale or remortgage.

• Timing is Key: If you get your valuation too soon, it may expire before the process is completed. Planning your valuation timeline is crucial for a smooth transaction.

• Update valuation: We are able to offer desktop updated valuations reports.

 

Get Your Help to Buy Valuation Today

Ready to find out your property's current market value? Request a quick quote from I AM Surveyors today and get the accurate, independent valuation you need to move forward with repaying your Help to Buy loan or selling your property.

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