HELP TO BUY
Are you a first time buyer and considering buying a new home using the Help to Buy scheme, or discharging your Help to Buy loan by selling your property? If so, you’ll need an independent valuation to establish the accurate, current value of the property. Trinity Rose are here to help.
Every member of the valuation team at Trinity Rose Chartered Surveyors are RICS registered valuers and comply with RICS ‘Red Book’ valuation criteria. That means you can be confident that your valuer will follow a strict set of professional and ethical standards for property valuations.
Professional, independent RICS valuations for Help to Buy buyers and sellers
When you buy a new home using the Help to Buy scheme, you use a secondary government loan to pay for a proportion of the property’s value. In order to get this loan, you’ll need a specialist Help to Buy property valuation. Likewise, when you sell your home or decide to repay the government loan, a RICS Help to Buy valuation will determine the value to be redeemed.
What is included in a Help to Buy house survey and valuation?
Every Trinity Rose Chartered Surveyors’ Help to Buy house survey and valuation is carried out by a RICS registered valuer with good local knowledge and includes:
- an overview of the property and its location
- information about construction and general condition with supporting photographs
- details of comparable properties sold during the past year
- market value including a detailed description of the evidence and market insights used for the valuation
Keep in mind that Help to Buy valuations are valid for three months, but can be extended in some cases.
Many clients feel daunted or confused by the Help to Buy process, but we’re here to help. Our approachable team have been in this industry for years and will be happy to answer all your questions.
Find out more
If you’d like to arrange Help to Buy valuation, we’re here to help. Our knowledgeable, approachable team will be able guide you through the entire process, giving you complete peace of mind.
When it comes to Help to Buy, we have years of experience in helping clients with their house survey and valuation. We’ve also created a list of FAQs at the bottom of this page which answer a lot of common client queries.
Alternatively, if you’re thinking of buying, selling or repaying a loan under the Help to Buy scheme, please get in touch and we’ll happily talk you through your options.
- An independent Help to Buy valuation is necessary if you are buying, selling or repaying using the scheme
- Help to Buy valuation reports include a market value, any pertinent notes and evidence of how the valuation was established
- Help to Buy valuations are valid for three months, but can be extended in some cases
OUR BOOKABLE SERVICES
FAQS
What is Help to Buy?
In a nutshell, Help to Buy is a government-backed initiative to help people buy their first property and get onto the property ladder despite not having a large deposit.
Who is eligible for Help to Buy?
Broadly speaking, in order to be eligible for Help to Buy you must be:
- 18+ years old
- a first-time buyer (although there are exceptions under some schemes)
You must not:
- own/have owned a property or land even in another country
- have had Sharia mortgage finance
- inherited a home or bought property with other people
- be married or in a co-habiting relationship with someone who owns/has owned property or land
- buy a second home
Are there price limits on the property I can buy?
There are price limits on homes you can buy with an equity loan. The limit is different for each region in England.
What are the pros and cons of help to buy?
Help to Buy is a fantastic way to get onto the property ladder with a small deposit but it’s important to look at the pros and cons before jumping into a scheme. Remember that different schemes vary slightly so check the details carefully.
Pros
- You only need a small deposit – usually 5% minimum
- You usually own 100% of a property
- The government loan counts towards your deposit which should help getting a mortgage
- You can avoid the need for a costly 95% mortgage
- You will have no interest to pay for five years
- You have 25 years to repay the loan
- The scheme is not means tested
Cons
- Help to Buy schemes are (generally) only applicable to new builds
- The property value must not exceed the regional cap
- You must be able to afford your mortgage repayments
- After five years you will be charged interest of 1.75% on the government loan and this will increase each year with inflation
- Your loan must be repaid in chunks of 10% or more and the amount you repay will fluctuate in line with your home’s value
Can I apply for Help to Buy if my partner owns a property?
If you are married or cohabiting, any Help to Buy application must be made jointly. If your partner already owns/has owned a property then that will be taken into consideration and may mean you are not eligible for Help to Buy.
What are the different types of Help to Buy?
‘Help to Buy’ is an umbrella term covering a number of schemes which are all aimed at first time buyers. Let’s take a glance at a few of the available schemes:
Help to Buy equity loan
This scheme is available to first time buyers buying a new build property in England. You put down a deposit to cover at least 5% of the property value; the government will then lend you an ‘equity loan’ covering up to 20% of the property’s value; you use a mortgage to cover the remaining value. There are regional price caps limiting the price of property for which you may use the loan e.g. £437,600 in the South East of England; £349,000 in the South West. Note that you will start paying interest on the government loan after five years.
Forces Help to Buy
This scheme is for people currently serving in the Armed Forces. You must have completed a minimum length of service; meet certain medial criteria; and have at least six months of service left in your contract. You may borrow up to 50% of your salary (£25,000 max.) interest free to put towards the deposit/legal fees when buying a property. You must repay the loan within 10 years. This scheme is likely to stop at the end of 2022.
Help to Buy Shared Ownership
This scheme is more commonly called ‘shared ownership’ and allows you to buy a share of a property and rent the rest. You’ll be expected to buy 25% – 75% of the property value and a housing association will own the rest while you rent it from them. You don’t necessarily have to be buying your first home for this scheme.
What happens after 5 years with Help to Buy?
Broadly speaking, in order to be eligible for Help to Buy you must be:
- 18+ years old
- a first-time buyer (although there are exceptions under some schemes)
You must not:
- own/have owned a property or land even in another country
- have had Sharia mortgage finance
- inherited a home or bought property with other people
- be married or in a co-habiting relationship with someone who owns/has owned property or land
- buy a second home
How long is the scheme open for?
The scheme closes to new applicants in March 2023 (although be sure to check the details of individual schemes which may end sooner).
If you’d like to arrange Help to Buy valuation, we’re here to help. Our knowledgeable, approachable team will be able guide you through the entire process, giving you complete peace of mind.
When it comes to Help to Buy, we have years of experience in helping clients with their house survey and valuation. We’ve also created a list of FAQs at the bottom of this page which answer a lot of common client queries.
Alternatively, if you’re thinking of buying, selling or repaying a loan under the Help to Buy scheme, please get in touch and we’ll happily talk you through your options.
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Trinity House, 123 Winchester Road, Chandlers Ford, Hampshire SO53 2DR
t: 01962 880426
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