I bought a 3 bedroom house $ 161,000 instead of living in an expensive narrow dormitory room

A 24-year-old doctoral student in England has understood how to overcome the student housing crisis-buying a home.

Charlotte Sprons, a biochemistry student at Lancaster University, changed tight dormitories to a three -bedroom home, all thanks to a unique mortgage opportunity for students.

Sprason was tired of spending $ 966 a month on university shelter. So she took things in her hands and used the Mortgage Program “Buy for Uni” to grab a $ 161,000 house north of Lancaster.

Her $ 37,000 deposit came from the disciplined savings of years in a Isa Lifetime and a $ 6,000 gift from her grandmother.

Now, instead of spending money on rent, SPRASON monthly bills are $ 114 cheaper – and it is earning even more by renting a reserve room for $ 678 a month.

“Having a resident, now I’m 15 percent better financially compared to the division of rented accommodation,” she told Jam Press. “All I put on my money is paying in an investment.”

The deal was not easy to reach.

With an annual scholarship of $ 22,817 for doctorate instead of full -time salary, SPRASON did not qualify for a typical mortgage.

But her lender, with her mother as a guarantor, considered her scholarship and offered her a $ 124,000 loan of interest.

“That was my only alternative if I didn’t have a partner with a full -time job – there was no chance,” she said.

Now she pays a lot whenever possible and plans to refinance or sell when her doctoral program is completed. Sprason says mastering her home is a change of play.

“At first I didn’t understand how much change it would make in my life,” she said.

The times of dormitory windows covered with black mold, thin walls and moth infections have passed.

“I have passed out of living outside a room and preserving half of my things in having everything I have ever had in a building.”

Her mother, Tracey, supported her decision and believes her daughter has what she needs to balance the home with student life.

“Charlotte is both methodical and determined,” she said. “Her salary is guaranteed until she finishes the doctorate, so we’re happy that she can pay the mortgage and her bills every month.”

Now, with two cats and a house to call her own, Shprason says she is financially in front of her peers.

“I’m excited about the prospect of financial security in the future,” she said. “Property ownership has been a key step towards this for many people who came before.”