01273 202620

Contact Us

01273 202620

Contact Us

Why do I need a Help to Buy valuation?

If you have a Help to Buy loan, you will need a RICS valuation if you wish to either pay off your Help to Buy loan, sell the property or to re-mortgage. When you bought your property through the Help to Buy loan scheme you will have borrowed a percentage of the property’s value at the time know as an equity loan. And to pay the loan back, you’ll need to pay back this same percentage of the property’s value rather than the original equity loan amount. A Help to Buy valuation establishes the value of your property and is used to work out the equity loan amount you need to repay.

Which Valuer Must You Use?

For the valuation to be accepted it is key that valuation is carried out by a surveyor who is a RICS qualified member. Without this it is highly likely the valuation will not be accepted and you run the risk of wasted costs.

The key criteria are:

  • Not be related or known to you

  • Must have recognised RICS qualifications

  • The report must have 3 comparable properties and sale price

  • The surveyor must have inspected inside of the property

  • They must be Independent of any estate agent

  • The report must be on headed paper, signed by the RICS qualified surveyor

What is Help to Buy redemption?

A Full redemption happens when you sell your property, you will have to pay back all of your Help to Buy loan. The amount that needs to be repaid depends on the value of the property at that moment in time and this is determined by an RICS Help to Buy valuation, or the agreed sale price, depending on whichever value is higher.

If you wish to staircase i.e. increase the share of the property you own, you will also need a Help to Buy valuation. Staircasing gives you the opportunity to partially repay your loan without having to sell the property.

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