Mortgage + gift = 350,000?

[jellybaby]

Hi there,

I'm a little confused, and I was looking for some advise. My boyfriend and I are formally approved for 310,000. Houses coming out (new build) is 350,000. Our parents said they will help us out - ie, 20,000 on each side. I understand that i'll have to fill out gift certs etc to give to our mortgage broker, but will that 40,000 cover us enough to get our house of 350,000 or is it added to the mortgage - ie, will we get a mortgage for 350,000?
See the way its kinda confusing...
Hope you can help...

Thanks.

 

[mf1]

House price 350,000.00

Less gift 40,000.00

Balance needed 310,00.00 - mortgage

You will also need money for solicitors fees, vat, outlays and stamp duty on your mortgage. And basic furnishings.

mf