Lender down valued house, should I cover difference or renegotiate?
Recently I made an offer on a house at the asking price of £230,000. After some negotiation we agreed to a sale price of £236,000. have a deposit of £90,000 and made a mortgage application for the remaining £146,000. The mortgage has been accepted, however, the lender has valued the house at £226,000.
I can cover this £10,000 shortfall with my deposit, however, I ideally don't want to overpay for the house as I know it would cause issues if I ever wanted to sell it in future.
I want to try negotiating the price down in light of this down valuation and I'm willing to meet them in the middle at £231,000 which would still be over the seller's original asking price. However, I'm worried that they won't agree to this since the estate agent knows I can cover this shortfall (they requested proof of funds for the purchase when the sale price was agreed).
How should I word my email to the estate agent? Should I offer to meet in the middle straight away or just tell them about the valuation and that I would like to renegotiate? I have a mortgage advisor but so far all communication on the purchase has been between myself and the estate agent without the advisor getting involved.