Process following undervaluation

Wales2020

If a house is undervalued and we renegotiate the price with the seller to match the asking price - do we then need to go through the whole process again or can we just complete an amendment? Its with Nationwide

AlwaysWanderlusting

It should just be an amendment as you'll still be within the same LTV bracket and a lower agreed price should make it more affordable, not less. Worth checking with your broker  or NW if you've gone direct, though.
I'm with a different bank but all our broker had to do was update the system based on the revised memorandum of sale. The bank checked to see if we were changing our deposit amount (we weren't) and that was it. It did take a week for them to even look at the query my broker raised, probably because of capacity.