FTB question on gifted deposit/mortgage availibility

Loughtonlad

Dear Money-savers,

I would like to present you with a question I have as a FTB. My wife and I have saved up 10k over last couple of years, and we are now planning to buy a house early next year.

My in-laws(UK based) are willing to gift us 20k towards our house. I am hoping that get £10k each from my parents, relative (not blood) and family friend(all based abroad).
Our ideal house would cost at max 180K and We would put down 55k deposit based on above arrangements.

We are both in our mid twenties and earn a total of 50k before taxes and bonuses. My wife is going to start a new job with better pay/position next month so presumably will still be in her probation period come feb/march next year. We have no debts apart from my wife’s student loan.

My questions:

Is it generally OK to receive 80% deposit as gift from friends and family. Also, What is the best of receiving it? i.e Money transfer in to bank account? Draft via post? etc..

Assuming we have OK/Good Credit rating what are our chances of securing such mortgage amount in the present conditions?


Many thanks,
Loughtonlad