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An unconventional way to spend a loan could come in the form of buying a house won in a raffle, as such methods may make sellers stand out in the market, it is claimed.

In the current economic climate, selling a house this way may be a good route to take, while it could become a sustainable practice in the long term, Shaun Duncan, founder of UK Housing says.

"But as long as the seller goes into it with his eyes open and attaches a caveat which says that if they don't reach x number of ticket sales all bets are off, there should be no problems," he adds, which may be welcome news for those looking for a new home and funding the move with secured loans.

The Gambling Commission has found that a downturn in the housing market has led to a growing number of homeowners using competitions as a way of highlighting the value of their home, which could be a unique way to spend a loan.

Secured loans could be an option for homeowners wanting to move, as the monthly repayments could be lower than other loans because the lender may have security in the form of a property.