Remortgage - lower valuation than expected

[Deleted User]

My relative is currently re-mortgaging and today the property was valued lower than expected. This was not owing to some defect, rather it seems to just be a cautious valution which we understand (even though its a bit of a pain).
The broker now seems keen that my relative puts up some savings, to reduce the loan required and maintain the LTV at the applied level. The broker is never 100% committal but it doesnt sound like the bank are pulling the plug.
So we do have the savings to make up for the shortfall in valuation.
I just wanted to ask if the above is a standard approach to the sitatuon or if the bank is likely to be unhappy (I can't think why!). The alternative was to request another valuation which sounded like a big risk as it could come out lower and it would be at cost. We are also not keen to reapply at a different LTV.

blue_max_3

What are the numbers involved?
And is the remortgage for a better rate?

dimbo61

If your happy with your current lender and the remortgage deal they are offering then why not pump some money ( which could be earning nothing in a savings account ) into reducing the debt and getting the best LTV deal available.
Or you could go back to the broker and ask them to search the market for the best deals for your relatives circumstances.

[Deleted User]

I think he's happy to pump the money in, an extra 35000 cash, in order to make up for the lower thank expected valuation. His current interest only mortgage is due to end and so it is rather critical that he makes this offer work. So long as banks are generally happy when there is a lower valuation to accept the borrower making up the diffence then all will be good (we hope).

MovingForwards

How much is outstanding on the IO?
How much is the valuation?
What LTV and interest rate is the new mortgage?