A couple who have been told by their bank that they won’t be able to afford a mortgage that costs £700 have been told that for some reason they will be able to pay £1100 in rent.

Michelle and Texyquo Garridge from Essex went to view a property in Southend last month, and just a few hours later their bank informed them that they wouldn’t be able to afford the £700 mortgage on it, in spite of their £2400 combined take-home income per month.

However, shortly after this, a miracle happened.

Mrs Garridge said, ‘Just a few weeks later, the property that we were interested in sold to a cash buyer, and we then noticed that it was advertised for rent.’

‘We went along to view it, and after submitting our employment details to the estate agent we were delighted to discover that in their humble opinion, we would be able to afford the rent that was £400 more than the mortgage.’

‘Fair enough there were a few extra formalities, such as getting references, undergoing a credit check, and getting guarantor paperwork in place for 78,000 times the annual rent underwritten by the IMF, but we pick up the keys next Tuesday.’

’The letting agent has promised to drive us to the property in one of their fleet of 35 customised Mini Coopers. We’re so excited.’

‘We’re not sure how this miracle has happened – perhaps there is a discrepancy in the exchange rate between Rental Pound Sterling and Mortgage Pound Sterling.’

A spokesperson for the government confirmed the existence of both currencies.

He added, ‘This government is doing everything possible to help first time rent-to-buyers, with various initiatives now being put into place to help those who can already help themselves.’