Sourcing deposit - dodgy?

Greetings all,

Does this method of sourcing a deposit for a mortgage sound dodgy/illegal?

1. Employer lends my parent money via beneficial loan, repayable on death. (Is this possible?)
2. Parent gifts me the money.
3. I take 4 year pay cut, effectively paying back loan.
4. Employer writes off loan to parent.

I am aware of the risk of taking on a mortgage with what is effectively another loan, and therefore 100% LTV. I have the income to pay the extra comfortably. This is just a way of saving years of rent while I save up the deposit.

Cheers.