THIS four-bedroom home could be yours for less than the price of a coffee as desperate homeowners battle rising mortgage rates.
Declan Garrett, 38, and his wife Leoni Webb, 35, are raffling off their lovely family home in Weston-super-Mare, Somerset – and tickets are a stunning £3 each.
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The couple say they are being forced to sell off the converted bungalow that they share with their seven children, all under the age of 12, amid the cost of living crisis.
The slump in the value of the pound and rising interest rates have made getting a mortgage more difficult and they have been repeatedly denied a loan due to the size of the family.
To raise enough to buy a new home, they decided to auction of £300,000 worth of tickets for just £3 a piece.
Declan told NeedToKnow online: “It was just proving impossible to go down the conventional route and the current volatility around interest rates and the economy really concerns us.
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“Our fixed rate runs out next year so it compounds our concerns.
“The main problem with mortgages is that affordability checks suggest that no one with seven kids could afford any reasonable mortgage.”
He added that, as the kids will all be teenagers soon they need as much space as they can get.
As it stands they are barely able to fit them all round the dinner table each evening, while claiming prime position on the sofa causes a mad rush.
Mortgage rates have been rising since December as inflation spirals, but shot up recently after the government’s mini-budget.
Chancellor Kwasi Kwarteng was sacked today over the markets’ response to his announcement and a large corporation tax cut was scrapped.
However, homeowners are still seeing mortgage bills going up and are struggling to re-mortgage.
One lucky buyer will have that problem solved, though, if they win Declan and Leoni’s home.
Declan continued: “If the raffle is successful, it’s a big win-win for everyone in that regard.”
According to the raffle advert, the house features four bedrooms with one downstairs, as well as two bathrooms and two gardens.
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The front garden has been rewilded and boasts a 50-gallon pond and three fruit trees.
The raffle closes on 21 October and can be entered here.
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