Covid 19 Update
Following the Government’s recent decision our Leicester team are all working remotely again and, for the time being the Leicester office itself is closed. The team are still available to help you so please continue to call or email us and we will be happy to assist. Our Loughborough and Market Harborough offices continue to offer all services by appointment. Please call us if you would like more information.
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Tue 11 February 2020
What is a Help to Buy loan?
With a Help to Buy Equity Loan the Government lends you up to 20% of the cost of your newly built home, so you’ll only need a 5% cash deposit and a 75% mortgage to make up the rest. You won’t be charged loan fees on the 20% loan for the first five years of owning your home.
When you come to repay your loan or sell your property, a Help to Buy valuation is required.
The HM Government explains more here https://www.youtube.com/watch?time_continue=20&v=6G99MYy43lk&feature=emb_logo
What is a Help to Buy valuation?
A Help to Buy valuation is an independent valuation of your property completed by an RICS Chartered Surveyor. A Help to Buy valuation is required when you own a property through the Help to Buy scheme and wish to either redeem your loan or sell your property. The valuation provides a market value for the property, which is required by Target HCA in order to calculate the repayment of your Help to Buy loan.
Andrew Granger and Co Ltd are suitably qualified and experienced to provide this valuation and can report appropriately within a week of inspecting your property. To discuss further or to obtain a quote, please get in touch with the Surveys and Valuation team or call 0116 242 9933, who will be more than happy to assist.
· The valuer must be registered with the recognised qualification of RICS.
· The valuer must be independent of an Estate Agent.
· The report must be on headed paper and signed by the RICS surveyor and addressed to Target HCA.
· The valuer must provide three comparable properties and sale prices.
· The comparables provided must be like for like in terms of property type, size and age and within a 2-mile radius to the property that is being inspected.
· The valuer must not be known or related to you.
· The valuer must inspect the interior of the property and provide a full valuation report.
· Valuations for bank and mortgage purposes are not acceptable.
· A copy of the valuation report must be supplied to Target; – the inspection date must be shown on the report.
· The valuation is valid for 3 months
In order for Target HCA to calculate your repayment amount, you will need to instruct a Help to Buy valuation. Andrew Granger & Co are suitably qualified and experienced to carry out Help to Buy valuations throughout the whole of Leicestershire.
To find out more please visit www.andrewgranger.co.uk or call 0116 242 9933.
* Help to Buy diagram courtesy of www.helptobuy.gov.uk