Help To Buy Valuation
The Help to Buy equity loan was a government scheme that allows first-time buyers and existing homeowners to purchase a property with a smaller deposit. It works by providing a loan of up to 20% of the property value (40% in London), which is interest-free for the first five years. The loan must be repaid at the end of the mortgage term or when the property is sold, whichever comes first.
To redeem your Help to Buy equity loan, you will need to pay back the loan plus any interest that has accumulated. The interest rate begins accruing after the first five years of ownership. You can pay off the loan in full at any time, or you can make partial payments as long as the remaining balance is paid off at the end of the mortgage term.
When to Redeem your Equity Loan?
- Selling the property: If you sell the property, the loan must be repaid from the sale proceeds.
- Repaying the loan in full: You can pay off the loan in full at any time using savings or by taking out a new mortgage.
- Making partial payments: You can make partial payments towards the loan balance as long as the remaining balance is paid off at the end of the mortgage term.
It is important to note that the Help to Buy equity loan must be redeemed before you sell the property. If you fail to do so, you may be required to pay a penalty. If you have any questions about redeeming your Help to Buy equity loan, it's a good idea to speak with a financial advisor or a solicitor.
If you want to sell your home and/or repay your Help to Buy loan you will need to obtain a written valuation by an independent, RICS registered valuer. This is one of the requirements stipulated by Target, the organisation appointed by the Homes and Communities Agency to administer the Help to Buy scheme.
How To Redeem Help To Buy
We are experienced in providing formal valuation reports that conform with Target's valuation requirements. The benefits of using Allied Surveyors Yorkshire to provide such a report include:
- We ensure that our reports conform with Target's valuation requirements
- Inspections can be carried out quickly and at short notice
- Inspections times can be flexible to fit in with work commitments
- Completed reports are returned within 24 hours of inspection
- We provide free desktop extensions after three months
- All reports are sent in digital format so they can be easily forwarded on
To make the first steps in redeeming your Help to Buy loan, please contact our friendly team to discuss your requirements and obtain a valuation quote.
Office
Allied Surveyors & Valuers Ltd
134-136 Lower Wortley Road,
Wortley,
Leeds LS12 4PQ
