Help to Buy

Help to Buy was introduced by the Government in 2013 to help people to get a foot on the first step of the property ladder. It’s a shared equity scheme where first-time buyers can borrow up to 20% of the cost of a new build house.

If you have bought a home using the Help to Buy scheme, your loan is interest free for 5 years. The full loan must be repaid after 25 years. You can choose to repay the loan sooner, re-mortgage, or pay it off when you sell. When this time comes, the amount you pay back is calculated based on the current market value of your home, not the original purchase price.

If the value of your property has decreased, then the amount you must repay will be less than you originally borrowed. However, if the value of your house as increased, so will the amount you will have to repay.

Your Help to Buy valuation is only be valid for 3 months, so it is important to get the timing right, as if you get your valuation report too soon, it may not be valid by the time the sale on your property is completed. This same advice applies if you re re-mortgaging as this process can also take some time.

In order to do this, you will need an independent Help to Buy valuation from a RICS registered valuer. This valuation will determine the current market value of your property and, as such, the amount you repay can be calculated.

We can undertake such valuations for you.