This independent valuation determines the amount repayable in direct proportion to the current market value of your property. This valuation must be carried out by an independent RICS Chartered Surveyor, such as one of our surveyors
Help to Buy
If you are living in London you may have received a loan of up to 40% of the purchase price from the Help to Buy scheme. This must be repaid over 25 years, or sooner if you choose to sell your home during this time. Additionally, you can choose to pay back the load of earlier, or remortgage before mandatory repayment comes into effect.
Importantly, the amount you must pay back will be calcualted 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 initally 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.