Paying off help to buy equity loan by remortgaging

dhokes

I'm looking to pay off my help to buy equity loan by remortgaging. I was under the impression that I need to get a valuation arranged by a RICS qualified surveyor and pass that on to Target. However speaking to a few mortgage advisors, they seem to think I need to contact Target and they'll tell me how much I need to pay. Who's correct?

Also, would it be foolish of me to assuming the property value my current lender Halifax think the property value is worth and start a mortgage application with that value?

london21

You will need to contact Target and they'll tell me how much you need to pay. They will likely get a surveyor to arrive at a price.

justcat01

I did this earlier this year although I paid cash rather than a remortgage. 

I arranged a RICS valuation and then sent that across to Target having completed the form.i then received a redemption letter from them stating how much I needed to pay. They agreed with my valuation. I arranged a solicitor and completed everything through them.

It's very clear on the gov website https://www.gov.uk/guidance/how-to-repay-your-equity-loan-using-your-own-money#how-much-you-need-to-repay they appear to have gotten rid of the previous My First Home site