Quote Originally Posted by Squashed_Fly
The gifted deposit works because you're buying the property for less than it's market value. If it's valued at £180k, and you get them to accept an offer of £170k, then it means the house is still worth 180, you just got a bargain. And the money you saved goes towards your deposit.

It might not be for everyone, but it's worth asking about if you're looking at the moment and can't afford a big deposit. The trouble is, with pets, the need of a spare room as a home office, and the plan for kids in the near(ish) future, then we need a 3 bed house and so we would be looking at around £170-£180k where we want to live.

I understand how it works but do not know how lenders look on it and have not heard of any friends using this method. As you say its definatly workth asking.

Just bear in mind that because its on for £180 doesnt mean it is actually worth that. Example being the estate agents valued mine at £130 but the lenders valued it at £120 so if i was looking to buy it from someone else selling it at £130 i would have to offer £120 or below for the lender to agree to the purchase/mortgage and lower still to benefit from the gifted deposit.

Wiltshire is most definatly a cheap area to move compared to others