19 Sep Help To Buy: When do i need a Valuation?
What is the Help to Buy Scheme?
It’s a shared equity scheme introduced by the Government, where first-time buyers can borrow up to 20% (40% if you live in London) of the cost of a new build house. This is interest free for 5 years! After the 5 year period you will start to incur intrest on your loan, so you will really want to think quickly about either moving onto a new home and use the scheme again or taking out a normal residential mortgage to save you money.
For more information, check out the official Government Help to Buy website.
When do I need a valuation?
If you have used the Help to Buy scheme and are now in a position to remortgage your home and start repaying your loan, then you need to get a RICS regulated valuation.
What criteria must be met?
You must hire a RICS regulated independent chartered valuer to carry out the valuation.
· They must be registered with RICS and be independent to an estate agent
· They cannot be related to you
· The valuer must provide at least 3 comparable properties and sale prices
· Those properties must be like for like with regards to property type, size, and age, and must be within a 2 mile radius of your property
· Valuations carried out for bank or mortgage purposes won’t be accepted
· The valuer must inspect the property interior and provide a full valuation report [not a survey]
· The report must be on headed paper, signed by a RICS surveyor, dated, and addressed to the appropriate association.
We meet all the criteria and carry out Help to Buy valuations at an affordable price – if you’d like to learn more or book in your own valuation, please get in touch with one of our offices near you.