First Buy scheme was a scheme which followed along the same lines as the Home Buy Direct scheme with the main difference being the deposit loan from the Government was restricted to 20% of the initial purchase price. It was allocated against specific plots designated by the developers and again this scheme has subsequently been replaced by the Help to Buy scheme.
The First Buy valuation required for your redemption follows the same strict guidelines and principals set out by a Help to Buy valuation and is redeemed directly through Target.HCA. It will follow the same guidance as set out in the Home Owners Customer Information Pack and you will also be required to pay an administration fee of £250.00 to Target directly.
The Help to Buy valuation in this particular case will specifically look at market value based upon comparable evidence determined within the criteria set out by Target.HCA. The details of how to pay back you deposit loan is detailed within our website.