Help to Buy Valuation in IG5

A Help to Buy valuation is specifically designed to meet the requirements set out in the equity loan agreement. Unlike a standard mortgage valuation, this report must be carried out by a RICS registered valuer and addressed specifically to your Help to Buy equity loan provider. The valuation examines your property's current market value based on comparable sales evidence, ensuring the equity loan provider can calculate any early repayment charges or confirm the amount required to clear your loan. We handle all the technical requirements so you don't have to worry about compliance issues.

Our valuers will inspect your IG5 property inside and out, noting its condition, size, and any improvements you've made since purchase. They'll research recent sales of similar properties in your local area to determine an accurate market value. For properties in IG5, this means analysing sales data for semi-detached homes, terraced properties, and flats across the Ilford area, as these make up the majority of the local housing stock. We've completed dozens of valuations in this postcode, so we know where to find the most relevant comparables - in a post-war terrace near Seven Kings or a modern flat in Goodmayes.

The final report includes the valuation figure, details of how the valuation was reached, and confirmation that the assessment complies with RICS Red Book standards. This document is what you'll need to submit to the Help to Buy team or your new mortgage lender when you proceed with redemption or remortgaging. Our valuers are experienced in working with all major equity loan providers and understand exactly what they're looking for in a compliant report.

During the inspection, we also note any factors that might affect your property's value - from extension work you've completed to any maintenance issues that might need addressing. While we're not conducting a full building survey, our valuation includes a visual assessment that can highlight things worth knowing before you proceed with redemption. This gives you a more complete picture of your property's worth in the current IG5 market.

• Internal and external property inspection
• Market value assessment using local comparables
• RICS Red Book compliant report
• Addressed to your equity loan provider
• Same-day booking available
• 5-7 day turnaround

When you purchased your IG5 property using Help to Buy, the government provided an equity loan of up to 20% of the property value (or 40% in London). You only paid the remaining 75% (or 55% in London) through your mortgage and deposit. The loan is repayable at any time, but the amount you repay depends on your property's current market value - not what you originally paid. This is why getting an accurate valuation is so important - it directly affects how much you'll need to pay back.

With IG5 property prices now averaging around £565,000-£599,000 and having increased 2.17% over the last year (and 13% since the 2022 peak), many homeowners in the area will find their property has grown substantially in value. This is positive for your overall wealth but means your equity loan repayment figure will be higher than your original loan amount. A formal valuation gives you the exact figure so you can decide whether to repay, remortgage, or wait. We've helped many owners in this situation understand their options.

Some homeowners choose to remortgage onto a standard mortgage product once they've built up enough equity, using the new mortgage funds to pay off the Help to Buy loan entirely. Others may decide to keep the loan if they're not yet in a position to repay the lump sum. Either way, having an accurate, RICS-compliant valuation is your essential first step. Your new lender will require the valuation report before they can offer you a mortgage product, so it's a necessary part of the process either way.

It's also worth remembering that interest typically kicks in after year five on your equity loan, which is another reason many homeowners choose to redeem around this time. The interest rate is usually linked to the Bank of England base rate plus a margin, so costs can vary. Getting your valuation done before the five-year mark gives you time to plan whether to redeem, remortgage, or potentially port your equity loan to a new property if you're moving. Our team can explain how this works in practice for your specific situation.

• Your property value has likely increased since purchase
• The loan amount to repay is based on current value
• You may be able to remortgage and pay off the equity loan
• Early repayment charges may apply in first five years
• A valuation is required by all major lenders
• Our report satisfies all equity loan provider requirements