If you have bought a home with a loan from the Help to Buy scheme you may be looking to repay, remortgage or sell your property. In order to do this, Target, who have been appointed by the HCA to administer the scheme, require you to get an independent Help to Buy Valuation report.
They Help to Buy Valuation will determine the amount repayable in direct proportion to the current market value of your property, and must be conducted by a Chartered Surveyors regulated by the RICS.
Thankfully, Kris Foster MRICS at Motis Estates Chartered Surveyors can assist with you valuation in Folkestone, Hythe, Ashford, Dover and surrounding areas in Kent.
With exceptional market knowledge, professional ethics and integrity and years of experience dealing with Property Valuations, Kris can help you take your next steps up the property ladder at affordable fees.
Let’s arrange your valuation today: 01303 212020or kris.foster@motis-estates.com
Understanding Help to Buy Valuations
If you are living in Kent you may have received a loan of up to 40% of the purchase price from the Help to Buy scheme. This must be repaid after 25 years, or sooner if you choose to sell your home during this time. Additionally, you can choose to pay the loan off earlier, or to remortgage before mandatory repayment comes into effect.
Importantly, the amount that you must pay back will be calculated on the value of the property at the time of repayment, not the original purchase price.
As such, choosing when to pay back your loan on your own terms can be advantageous if the market value of your property has decreased since the initial purchase. Conversely, if the value of the property has increased, you will end up paying more than you initially borrowed.
Once you have your Help to Buy Valuation you must send it to Target, who will in turn calculate the value of your loan and provide you with the repayment figure.
IMPORTANT!
Your Help to Buy Valuation is only valid for 3 months. It is therefore very important that you have planned ahead and have everything in place prior to instructing your Chartered Surveyor. This is even more important when remortgaging your property, as a new mortgage process can take considerable time.
Source James Dalby
