Help to Buy Valuations Hemel Hempstead
Help to Buy loans were introduced by the Government in 2013 as a way of helping people get onto the property ladder. If you bought your home using the Help to Buy scheme, then the loan is interest-free for the first five years.
Target HCA, the Governments provider of Help to Buy loans, requires homeowners who are in the position to sell, remortgage or release more equity in your home to provide them with a Help to Buy valuation. Target HCA will then provide you with a report which outlines the amount repayable based on the current market value of your property.
With over 20+ years of experience in being a Help to Buy Valuation provider, you can rest assured that the team at Morgan Sloane will provide you with a fast and reliable service.
Arrange your valuation by enquiring today.
Why do I need a Help to Buy valuation?
When you purchased your Help to Buy home, you would have entered into a contract with Target HCA who own a percentage of the equity in your home. Target HCA requires you to appoint an RICS Chartered Surveyor to carry out a valuation of your home to ensure you pay them an accurate, up to date pay on a fair market rate.
As an example, when you want to sell your Help to Buy home, rather than paying back the original value of the loan you will pay back the updated valuation provided by Target HCA. Therefore, if you purchased your home for £100,000 and Target HCA provided a 20% contribution (equalling a £20,000 loan), then when you go to sell, remortgage or release more equity the value has increased to £120,000, so you pay back £24,000.
How do you make a valuation?
A Chartered Surveyor will inspect your home and combine the information they gather with their specialised knowledge of the local housing market so put together a Help to Buy report. Once you have received the report it is only valid for 3 months which is why it’s crucial to send it to Target HCA as soon as it arrives so they can calculate your loan and give you the repayment figure.
Before you instruct a Chartered Surveyor, you can discuss with our team at Morgan Sloane the best date to carry out the valuation.
Next steps...
To speak to our team of Chartered Surveyors or to book your Help to Buy valuation, please do not hesitate to get in touch today.