Mortgage value vs deposit value query

Rallye · 25 October 2015 at 9:00AM

Hi everyone!

I have a bit of a problem/query, albeit a problem that I am sure most will wish they had!

my partner and I are currently looking to buying a new house now we have started a family and the one bed house we're in now was bearly big enough for one let alone 3. We are In the fortunate position that both our parents are willing to gift a substantial amount to us as a deposit (defaults on my credit file require this). We have taken on a mortgage advisor that requires a letter to prove the gift amounts to the prospective mortgage company.

We have asked the mortgage company for a £115k on the basis of us raising a deposit of £420k - that figure was low balled on the basis that we weren't 100% sure on what the gift values would be plus we knew we would want/need money for whatever house we moved into to decorate/new kitchen and general "rainy day" money.
We have received the gift letters today and due to give them to the mortgage broker tomorrow morning but the total gift value is higher than the £420k we originally told the mortgage company.

So my questions are:

1. If the deposit value is higher than we said, are the mortgage company likely to revise there loan amount?
2. The house we have found had an asking price of 535k and although not accepted yet, the vendor has said she'd take £520k - again, are the mortgage company likely to drop there loan amount?

With 16k stamp duty and modernisation of the kitchen needed at some point soon, plus making the garden child safe, getting the full 115k loan amount will help purchase the house and cover the costs.
Can anyone advise of we need to expect the mortgage offer to drop (before the mortgage company value the house themselves) or if they will stick with the original 115k requested, taking both questions into consideration?