I bought a $161K 3-bedroom home instead of living in a pricey cramped dorm room

A 24-year-old PhD student in England has figured out how to beat the student housing crisis — by buying a house.Charlotte Sprason, a biochemistry student at Lancaster University, swapped cramped dorms for a three-bedroom home, all thanks to a unique mortgage opportunity for students.Sprason was tired of forking out $966 a month for university housing.So, she took matters into her own hands and used the “Buy for Uni” mortgage program to snag a $161,000 home just north of Lancaster.

Her $37,000 deposit came from years of disciplined saving in a Lifetime ISA and a $6,000 gift from her grandmother.Now, instead of wasting money on rent, Sprason’s monthly bills are $114 cheaper — and she’s cashing in even more by renting out a spare room for $678 a month.“By having a lodger, I am now 15 percent financially better off compared to sharing rented accommodation,” she told Jam Press.

“Everything I put in that’s of my own money is paying into an investment.” The deal wasn’t easy to pull off.With an annual $22,817 PhD stipend instead of a full-time salary, Sprason didn’t qualify for a typical mortgage.

But her lender, with her mom as guarantor, considered her stipend and offered her a $124,000 interest-only loan.“This was my only option unless I had a partner with a full-time job — there was no chance,” she said.Now she overpays whenever possible and plans to refinance or sell when her PhD program is complete.

Sprason says owning her own home is a game-changer.“I didn’t realize initially how much of a difference it would make to my life,” she shared.Gone are the days of black mold-covered dorm windows, thin walls and moth infestations.“I’ve gone from living out of one room and storing half my stuff to having everything I’ve ever owned in one building.” Her mom, Tracey, backed her decision and believes her daughter has what it takes to balance homeownership with student life.

“Charlotte is both methodical and determined,” she...