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What is the Help to Buy scheme?

The Help to Buy scheme was introduced by the Government and is a shared equity scheme. This enables first-time buyers to borrow up to 20% (40% if you live in London) of the cost of a new build house. This is interest free for 5 years.

If you would like to find out more information about the Help to Buy Scheme, visit

When do I need a valuation?

If you have used the Help to Buy scheme and are now in a position to remortgage your home and start repaying your loan, then you need to get a RICS regulated valuation – Watsons are RICS regulated Independent Chartered Surveyors and Registered Valuers.

An RICS valuation is needed in order to work out the amount of deposit which should be repaid. Watsons carry out Help to Buy valuations that follow the exact requirements of the scheme and to inspect the inside and outside of the property.

It is important to remember that the valuation is only valid for 3 months. After 3 months, there is a two-week opportunity for the owner to request an updated “desktop” valuation which extends the valuation for a further 3 months. After those 2 weeks, the Scheme requires a re-inspection.


What criteria must be met?

You MUST hire a RICS regulated independent chartered valuer to carry out the valuation:

The chartered valuer must be registered with RICS and be independent to an estate agent.

They cannot be related to you.

The chartered valuer must provide at the least ‘3 comparable properties and sale prices’.

Those properties must be like-for-like, with regards to property type, size, and age, and must be within a 2-mile radius of your own property.

Valuations carried out for bank or mortgage purposes will NOT be accepted.

The chartered valuer must inspect the property interior and provide a full valuation report [not a survey].

The Valuation Report needs to be presented be on headed paper, signed by a RICS surveyor, dated, and addressed to the appropriate association.

At Watsons, we meet all the above criteria and carry out regular Help to Buy valuations at an affordable price – If you would like to learn more or book in your own valuation, please get in touch today on 01603 751577

Transition to Target

Homes England, formerly Homes and Communities Agency is pleased to announce that they have agreed to partner with Target Services Limited (Target), to take over the administrative duties of all loans that were previously administrated by Housing Options Plus (HOP), part of Metropolitan Housing Trust.

Target is a credit solutions company which acquires and administers loans from other lending institutions. Target’s aim is to provide customers with the highest quality service and deliver the ongoing support they need to manage their loans.

Target Servicing Limited is part of the Target Group, which is one of the longest standing servicing and software providers in the UK, with over 38 years’ experience. Over 50 major financial institutions across the UK rely on Target to manage their lending, investment and insurance portfolios.

The government has created the Help to Buy schemes including Help to Buy: Shared Ownership and Help to Buy: Equity Loan to help hard-working people like you take steps to buy your own home.
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