Hi all,
Sorry if this has been asked before. Looking at securing new mortgage for new build in rural area. Have purchased the site for 40k and have costings document for build @350k. We are second time buyer/mortgage applicants so we can only get 80%. It was my understanding that as a consequence we could borrow 80% of 390k which is 312k. This would be within our 3.5 times salaries, however, a valuer is telling us that on completion of our new build the value he would put is maximum 350k which would mean borrowing 280k (as in 80%). Is this correct or should I seek a second opinion from another valuation.
Thanks