Help To Buy
Paying back your
When you are ready to pay back your Government Equity Loan, there are several steps you need to take. We are here to help and guide you every step of the way.
Help To Buy Scheme
Many of us use the Help To Buy Scheme to get on the property ladder, however, when it comes to pay back the equity loan, we are not sure how to do this. At Inspect Property, we are here to help and guide you every step of the way!
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!
For more information, check out the official Government Help to Buy website.
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.
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.