Help to Buy Valuation in AB12 Aberdeen

A Help to Buy valuation is a specific kind of RICS Red Book valuation, needed when you want to repay, or redeem, your equity loan, remortgage the property, or reach the end of the initial five-year interest-free period. It has to be carried out by a RICS registered valuer, who assesses the current market value of the property to strict professional standards. It is not the same as a mortgage valuation or a building survey. Instead, it is a formal valuation report that sets the figure used for equity loan purposes.

Homes England and the Scottish Government both require the valuation to be completed by a qualified surveyor using RICS Red Book methodology. Our valuers in the AB12 area work to those rules exactly, so the report meets every regulatory requirement. The result is an independent market value assessment that you and the Help to Buy agency can rely on during redemption.

For many owners, the Help to Buy equity loan is now due for repayment if that has not already happened, especially as the initial five-year interest-free period ends on properties bought through the scheme. An early formal valuation gives you a clearer picture and time to plan for any repayment. Our valuers can also talk you through the process and what happens at redemption.

The process begins with a physical inspection of the property. Our valuer measures the rooms, notes the building’s condition and takes photographs for the report. After that, we carry out detailed research into recent sales of comparable properties in your part of AB12 and across the wider Aberdeen market, then use that evidence to arrive at an accurate market value.

• RICS Red Book compliant valuation
• Accepted by Homes England and all major lenders
• Fast turnaround times available
• Experienced valuers in Aberdeen market
• Comprehensive written reports

The Help to Buy equity loan scheme was created to help first-time buyers get onto the property ladder with an equity loan of up to 20% (or 40% in London) of the property value. Although the scheme has now closed to new applicants in England and Scotland, plenty of homes bought through Help to Buy are reaching the stage where owners need to think about what comes next. In Scotland, the scheme worked a little differently through the Help to Buy (Scotland) affordable New Build scheme, so owners should check the requirements that apply to their own circumstances.

In the Aberdeen area (AB12), property values have softened in recent years and are sitting around 15% below the 2014 peak of £234,387. That matters when you are looking at your equity loan position, because the amount owed in relation to the property’s value may have shifted. Our valuers can explain how those market movements affect your situation and provide the formal valuation needed for redemption or remortgaging.

Redeeming a Help to Buy equity loan means the payment is based on the market value of the property on the day of redemption, not the original purchase price. So if the home has gone up in value, the repayment amount will be higher, while lower values can mean the property is worth less than it was when you bought it. A formal valuation gives you a clear starting point and helps you plan the next move.

For properties in AB12, the current market average of around £195,000 marks a noticeable change from the peak years. If you bought through Help to Buy when the market was at its highest, the amount needed to repay the equity loan may now be lower than you expected at the time. Every case still turns on its own facts, which is why we recommend a formal valuation to pin down your exact position.

If you are nearing the end of your five-year interest-free period, or thinking about remortgaging a Help to Buy home, you may want a clearer picture of the valuation and redemption process. A few key points are worth keeping in mind before your appointment.

AB12 property owners often ask us whether the equity loan has to be redeemed straight away once the five-year interest-free period ends. It does not. You simply start paying interest on the loan amount from that point. Some owners remortgage onto a standard mortgage to clear the equity loan, while others choose to sell. Either way, an up-to-date valuation helps you weigh up your options.

Market conditions are another factor for AB12 owners. Because values have moved away from their 2014 peak, some homes are now worth less than they were when first bought. That can feel unsettling, yet it can also mean the equity loan repayment is lower than the original percentage borrowed. Our valuers will give you a clear, accurate current market valuation so you know exactly where you stand.