Help to Buy Valuation in EX21

A Help to Buy valuation is a particular kind of RICS Red Book valuation, asked for by the Homes and Communities Agency (HCA) when you have a Help to Buy equity loan. It is not the same as a standard mortgage valuation or a building survey. Instead, it fixes the current market value of the property so the repayment figure on the equity loan can be worked out. A RICS registered valuer carries out the inspection and then prepares a formal report to the Help to Buy scheme’s rules.

There are a few times when this valuation becomes necessary. Most often, it is needed when you want to clear the equity loan in full, either because the property is being sold or because you have the money to repay it early. It can also be needed for remortgaging if the lender wants an up-to-date figure, or for a staircasing payment, where you buy back part of the equity share held by the HCA. The report gives the official market value used to calculate what you owe, so it has to be completed by a qualified professional using the scheme’s required method.

In the EX21 area, our valuers know the patch well, from newer homes in recent developments to older Devon cottages. Every property tells a different story, so we look at local market conditions, any defects or issues that may affect value, and the Help to Buy rules when preparing the report. We have worked across the EX21 postcode, from terraced houses in the centre of Honiton to detached homes in the villages around Axminster.

A Help to Buy valuation is not the same thing as a mortgage valuation. Lenders usually want a mortgage valuation for their own lending decision, and that can be nothing more than a quick look around. By contrast, a Help to Buy valuation must follow RICS Red Book standards and the HCA’s specific requirements, so it is more detailed and follows a set format. If it falls short, the repayment calculation can be held up or turned away by the HCA.

When you repay a Help to Buy equity loan, the original loan amount has to be paid back, along with a share of any rise in your property’s value since purchase. That is why an accurate RICS valuation matters. Say you bought a property for £250,000 with a 20% Help to Buy loan (£50,000), and it is now valued at £300,000. You would repay the original £50,000 plus 20% of the £50,000 increase in value (£10,000), which makes a total repayment of £60,000. The valuation we provide is the official basis for that calculation, so accuracy counts.

Property values across EX21 have moved on from the 2022 peak, which means your repayment figure may look different from what you first expected. Our valuers give an objective, market-led valuation that reflects current conditions in your part of EX21, whether that is near the coast in Seaton or in one of the inland villages. That gives both you and the HCA a proper figure for the repayment calculation. We study recent sales in your exact location to judge what a buyer would pay today.

If your home has fallen in value since you bought it, the figure we provide may produce a repayment amount below the original loan. The Help to Buy scheme does have rules about negative equity, though, and you should speak to the HCA or a financial adviser to see how those rules apply in your case. In a softer market, the amount owed can be less than the amount borrowed, which can make early repayment more manageable than expected.

The repayment process can look complicated at first, but we work to keep it simple. Once we have issued your valuation, you can take that figure to the HCA and ask for your official repayment quote. They will work out the amount due using our valuation and the terms of your Help to Buy agreement. If anything in the report needs explaining, our team can talk you through what it means for your situation.

Ready to start your Help to Buy valuation? The process is simple, and our team is on hand at each stage. Use our online booking system to choose a convenient date and time for the inspection. We will confirm the appointment within 24 hours and send a confirmation email with the details you need, including what to expect on the day and which documents to have ready.

On the day itself, our RICS valuer will turn up at the agreed time and carry out a careful assessment of the property. They will measure the rooms, photograph the home inside and out, and note any features that could affect its value. The inspection is non-invasive, so we will not move furniture or lift panels, but we will carry out a full visual assessment of every accessible area.

After the inspection, our valuer starts the market analysis, looking at recent sales in your part of EX21 to arrive at an accurate market value. We then combine that with our knowledge of local conditions and the specific features of your property to prepare your formal RICS Red Book valuation report. You will receive it within 5-7 working days, with everything needed to move ahead with your Help to Buy repayment, sale, or remortgage.