Yahoo Finance Win a house for just $5.40 - 2 days left to enter
Owning a home is a dream for many of us, and one couple is hoping to help a lucky person turn that dream into a reality.
A British couple is raffling off their house for just £3 (or $5.40) a ticket. The four-bedroom converted bungalow is located in the seaside town of Weston-super-Mare on the southwest coast of England.
Owners Leonie Webb and Declan Garrett said the cost of living was astronomical, so they decided to raffle off their home to help another person get onto the property ladder.
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“The cost of living is absolutely ridiculous right now,” Webb shared in a video on Instagram.
“We understand more than most - we have seven children who need feeding and clothing.
“My husband is a school teacher and I work in behavioural education, so I also work within schools. Ordinarily, we wouldn’t be able to afford a house. We were very, very lucky to buy a house when we did.
“We are looking to move … so, we decided to raffle off our house to give someone the gift of owning a house.”
Garrett said they were also worried about the current interest rate on their mortgage.
"Our fixed rate runs out next year so it compounds our concerns,” Garrett told NeedToKnow online.
"The main problem with mortgages is that affordability checks suggest that no one with seven kids could afford any reasonable mortgage."
The home is being raffled off through online platform Raffique, with the winner of the house set to be drawn on October 26.
The couple is hoping to sell between 300,000 and 500,000 entries - which equates to between £900,000 and £1.5 million ($1.62 million to $2.7 million).
If they don’t sell at least 300,000 raffle tickets, the winner of the raffle will instead receive 75 per cent of the ticket sales, while Raffique will keep the remaining 25 per cent. Webb and Garrett will keep the home.
Entries to the competition close on October 21.
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