Valuation for Mortgage purposes

md87

I had this kind of problem when I purchase my first house. Do they always put a lower value on that what you are paying? The situation is that I am planning to move to a new build. The new build houses are a mix of 3 bed semis and 3 bed detached houses....semis listed for 150k and detached listed for 175k. I managed to get a detached for 170k.

Now with valuation with mortgage provider they have valued the property (which is not yet fully build/furnished) at 160k. So obviously they say to re-negotiate etc but it was a push getting it to 170k. Now I was thinking anyway that when I move into the property in a few months, the value may be slightly less than what I paid but I don't plan to sell for 15-20 years by which time surely it will be worth more.

So what would you do? Apparently it does not affect my mortgage product so I can still proceed and they will still lend me the money. What do you think is a good way forward?

On a side note they did the same when I bought my first house, despite the fact I sold for 20k more than what I paid, 4 years later.